Telok Blangah House has been put up for collective sale at a lower guide price of $92 million (Photo: The Edge Singapore)
SINGAPORE (EDGEPROP) - Telok Blangah House, a freehold mixed-use development at 52 Telok Blangah Road, has been relaunched for collective sale via public tender at a guide price of $92 million — lower than the $98 million price tag when it was first put up for collective sale in March.
Read also: Telok Blangah House put up for collective sale at $98 mil
The property is a nine-storey development that sits on a freehold site measuring 14,841 sq ft. It comprises four levels of commercial units and five levels of residential apartments. The site is zoned for commercial and residential use under the 2019 Master Plan, with an allowable gross plot ratio of 3.5. This translates to a maximum permissible gross floor area (GFA) of around 51,943 sq ft. (Find Singapore commercial properties with our commercial directory)
The new guide price works out to a land rate of $1,744 psf per plot ratio (psf ppr) including bonus balcony GFA, says exclusive marketing agent SRI Capital Market. SRI adds that a development charge of approximately $2.36 million is applicable for the bonus balcony GFA only. The guide price is based on the site’s allowable gross plot ratio, assuming 60% of the GFA is for residential use while 40% is for commercial use.
According to SRI, based on the 60:40 split, a new mixed-use development could potentially house 34 new residential units, as well as 20,788 sq ft of commercial space.
Telok Blangah House is located across the road from VivoCity and is about 200m away from Harbourfront MRT Station on the Circle and North-East Lines. The site has a sheltered walkway linking it to the station.
Low Choon Sin, managing partner at SRI Capital Market, says the future development at the site will benefit from the development of the Greater Southern Waterfront. “The site, which is located directly across Sentosa, will also benefit from the Sentosa-Brani Master Plan, a vision to guide the redevelopment of the two islands into a choice tourist destination over the next few decades,” Low adds.
Currently, there are approximately 415 existing condo units in a 500m radius of Telok Blangah House, according to analysis on EdgeProp LandLens. Latest condo resale transactions in the area (excluding Telok Blangah House) show units transacted at average prices between $1,249 to $1,626 psf.
The public tender exercise for Telok Blangah House will close on Sept 13 at 2.30pm.
Check out the latest listings near Telok Blangah House, Harbourfront MRT Station