SINGAPORE (EDGEPROP) - Kai Fook Mansion, a property sitting on a 9,999-year leasehold site measuring 15,896 sq ft, has been put up for collective sale through public tender by sole marketing agent Huttons Asia. The asking price is $123 million.

The property is zoned for “residential with commercial at 1st storey” with an allowable gross plot ratio of 3.0. The site can be developed into a six-storey residential building with 41 residential apartments with an average size of 915 sq ft. It could also have around 12,500 sq ft of commercial spaces, which can house a hypermart, F&B outlets, or co-working spaces, subject to planning approval.

The site is a three-minute walk to Tiong Bahru MRT Station and Tiong Bahru Plaza. The existing total strata area is 49,944 sq ft.

Terence Lian, head of investment sales at Huttons Group, says: “The site offers an excellent redevelopment opportunity for developers to create a contemporary masterpiece within the nostalgic and vibrant Tiong Bahru estate.” Tiong Bahru is a popular area for both locals and expatriates due to its rich cultural heritage, mix of cafes and bookstores, as well as close proximity to the city centre.

“It is not only a great place to live in, but also has excellent connectivity to the various parts of Singapore," adds Angela Lim, deputy head of investment sales for Huttons Group.

The public tender for Kai Fook Mansion closes on May 19 at 12pm.

Check out the latest listings near Kai Fook Mansion, Tiong Bahru MRT Station and Tiong Bahru Plaza