Apartments in Bukit Panjang up for collective sale at $42 mil

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November 28, 2018 7:46 PM SGT
Phoenix Road apartments (Credit: Colliers)
A row of apartments in Bukit Panjang will be put up for collective sale at $42 million, or a land rate of $617 psf per plot ratio, announced Colliers International, marketing agent for the property. Inclusive of the 7% bonus balcony gross floor area, the land rate translates to $566 psf ppr.
The property, at 2/2A/2B – 24/24A/24B Phoenix Road, comprises a row of apartments with shops on the first storey. There are 36 units - 24 apartments and 12 shops - spread over two three-storey blocks. The property sits on about 63,000 sq ft of land.
The site is zoned for residential use, with a gross plot ratio of 1.4. It is on a 99-year lease with effect from Jan 1, 1969. The site can be redeveloped into 84 residential units, with an average size of 950 sq ft each, says Colliers. Currently, the units in the property range between 893 sq ft and 980 sq ft.
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The property is a four-minute walk to Phoenix LRT station, while Bukit Panjang MRT station is an eight-minute walk away. Other amenities within the vicinity are Bukit Panjang Plaza, Hillion Mall, and Junction 10. It is also within a 15-minute walk to educational institutions such as Teck Whye Secondary, ITE College West and Pioneer Junior College.
If the sale goes through, each owner will stand to receive estimated proceeds of $1 million to $1.5 million.
The tender for the site will close on Jan 17, 2019.
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