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The price – which works out to a land rate of around $630 per sq ft per plot ratio (psf ppr) after considering the estimated differential premium – is higher than the owners’ asking price of $42 million.
After a failed attempt at a collective sale last year, the row of apartments and shops at Phoenix Road has finally been sold to Qingjian Realty (South Pacific) Group’s subsidiary, CNQC Realty (Treasure), for $42.6 million, revealed marketing agent Colliers International.
The price – which works out to a land rate of around $630 per sq ft per plot ratio (psf ppr) after considering the estimated differential premium – is higher than the owners’ asking price of $42 million.
Upon completion of the sale, each owner stands to receive a gross sale proceed of between $1.08 million and $1.44 million, depending on the size of their unit.
The property comprises a row of 24 apartments and 12 shops and is nestled on a 5,853.1 sq m (63,002 sq ft) site at 2/A-B to 24/A-B Phoenix Road. Zoned residential under the 2019 Draft Master Plan, the 99-year leasehold site has a gross plot ratio of 1.4.
It is located near the Phoenix LRT station as well as the Bukit Panjang MRT station and bus interchange.
Nearby amenities include Bukit Panjang Plaza, Junction 10, Hillion Mall, HillV2 as well as schools, such as Pioneer Junior College, ITE College West, Teck Whye Secondary, Choa Chu Kang Secondary and West View Primary.
“We are glad that the ageing property can now be redeveloped and have a brand-new look,” said collective sale committee chairman Vincent Chia.
The property made its first attempt at a collective sale in November 2018 carrying the same price. It was relaunched on 27 June, with the tender closing on 25 July.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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