A row of 36 apartments and commercial shops on the first floor at 2/A-B to 24/A-B Phoenix Road has been sold to CNQC Realty (Treasure), a subsidiary of Qingjian Realty (South Pacific) Group. The collective sale amounts to $42.6 million, announced marketing agent Colliers International.

The sale price is above the asking price of $42 million, and works out to a land rate of about $630 psf per plot ratio, after factoring in the estimated differential premium payable. The property sits on a 63,000 sq ft site and comprises 24 apartments and 12 commercial shops. The site has a 99-year tenure from 1969 and a gross plot ratio of 1.4.

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“The market dynamics within a given locale remains an important investment decision driver. Based on our analysis, District 23 – where the property is sited – presents good opportunities for residential development owing to the limited upcoming supply of private homes in the area,” says Steven Tan, director of capital markets & investment services at Colliers International.

The boutique size and palatable quantum also add to the attractiveness of the site, he says.

Each owner could walk away with estimated gross sale proceeds of $1.08 million to $1.44 million, depending on the size of their property. “We are delighted to achieve this great outcome in our first en bloc sale attempt and in a relatively quiet collective sale market as well,” says Vincent Chia, chairman of the collective sale committee. “We are glad that the ageing property can now be redeveloped and have a brand-new look.”

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