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The freehold Choon Kim House along Upper Serangoon Road has been launched for collective sale at an indicative price of over $55 million, marketing agent JLL said on Wednesday (18 Apr).
This works out to a land rate of $1,287 psf per plot ratio (psf ppr), or a lower $1,257 psf ppr after factoring in the 10 percent bonus balcony space inclusive of a development charge, estimated at $4.9 million.
Completed in the early 2000’s, the four-storey mixed-use building comprises 20 commercial units and 10 apartments. Over 90 percent of the owners consented to the collective sale.
The 14,988 sq ft site is zoned commercial and residential with a gross plot ratio of 3.0 under the 2014 Master Plan. The site could be redeveloped to support a total gross floor area of 47,661 sq ft, or up to 35 residential and 22 commercial units assuming a 60:40 mix for the residential and commercial component.
Choon Kim House is close to the Serangoon bus and MRT interchange as well as Nex mall. Various schools are also located within the vicinity such as Paya Lebar Methodist Girls School and Maris Stella High School.
According to JLL, the property may also appeal to schools or institutions looking to house their corporate offices and residential needs under one roof.
“Choon Kim House has an excellent 50m front road frontage along the busy Upper Serangoon Road and is relatively well-maintained. Investors are able to explore asset enhancement plans to potentially increase the lettable area or convert it to a higher value use,” said Yong Choon Fah, national director of capital markets at JLL.
The tender exercise will close on 21 May.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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