Choon Kim House, Flynn Park relaunched for en bloc sale

By
/ EdgeProp Singapore
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January 4, 2019 9:15 PM SGT
Choon Kim House, a mixed-use commercial and residential development was relaunched for collective sale reserve price of $50 million on Jan 4. This was lower than the previous asking price of $55 million when the project was first launched for collective sale in April 2018. The first tender had closed without a deal.
The latest reserve price of $50 million has already received approval from over 80% of the owners in the development, says JLL, its sole marketing agent. The new reserve price translates to a land rate of $1,173 psf per plot ratio (psf ppr), or $1,149 psf ppr after factoring in the 10% bonus GFA for the residential component, which is subject to approval.
The owners at Choon Kim House have agreed to lower the reserve price to $50 million, from $55 million before (Photo Credit: JLL)
Located off Upper Serangoon Road, Choon Kim House is a freehold development with four storeys and an attic. It comprises 20 commercial units and 10 apartments with basement parking for 19 cars. The development was completed sometime in the early 2000s. Under the 2014 Master Plan, the 14,998 sq ft site is zoned for commercial and residential use with a gross plot ratio of 3.0, which implies a maximum gross floor (GFA) of 47,661 sq ft, inclusive of the 10% bonus GFA for the residential component.
The project is located within 700m of the Nex mall, which is integrated with the Serangoon bus interchange and the Serangoon MRT interchange station for the Circle and Northeast Lines.
Another collective sale site that was relaunched for tender on Jan 4 was Flynn Park, located just off Pasir Panjang Road. The project was first launched in May last year at a reserve price of $363.8 million, but closed without a bid.
To date, 75% of the owners at Flynn Park have agreed to lower the reserve price by 10% to $325 million (Photo Credit: JLL)
Following the announcement of the July 2018 market cooling measures, the collective sale committee initiated the move to lower the reserve price by 10% to $325...