Apartments on Phoenix Road relaunched for collective sale

/ EdgeProp Singapore
June 26, 2019 4:34 PM SGT
The row of apartments and shops at 2 to 24 Phoenix Road in Bukit Panjang has been relaunched for collective sale, according to marketing agent Colliers International. It was first put up for collective sale on Nov 29 last year at an indicative price of $42 million. The price remains unchanged.
Due to the higher estimated differential premium, the land rate has risen to $621 psf per plot ratio (ppr) from $617 psf ppr earlier.
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 comprising 24 apartments and 12 shops spread over two three-storey blocks. The property sits on about 63,002 sq ft of land.
Zoned for residential use, the site has a gross plot ratio of 1.4 under the Draft Master Plan 2019. It has a 99-year lease with effect from Jan 1, 1969. Subject to relevant approvals, the site can be redeveloped into 80 residential units, with an average size of about 950 sq ft each, says Steven Tan, director of capital markets & investment services at Colliers International.
Currently, the units in the property range between 893 sq ft and 980 sq ft each.
Tan adds that Colliers has received enquiries about the site previously and expects it to “continue to attract interest”. This is given its “favourable location near key transport nodes, pristine nature reserve and a wide range of amenities, as well as its boutique-sized plot and palatable quantum”, he says.
Located in District 23, the site “presents a good opportunity for the successful tenderer to create an exclusive residential development within an area that has a limited supply of new private housing units”, says Tan.
The property is a four-minute walk to Phoenix LRT Station and an eight-minute walk to Bukit Panjang MRT Station on the Downtown Line. 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 collective sale tender will close on July 25.