Choon Kim House launched for en bloc sale at $55 mil

Choon Kim House, a freehold four-storey-cum-attic development located on Upper Serangoon Road, is up for collective sale by tender at an asking price of $55 million ($1,287 psf ppr), according to sole marketing agent JLL.

A land rate of $1,257 psf ppr can be obtained after factoring in the 10% bonus balcony area for the residential component. This is inclusive of the estimated $4.9 million development charge payable.

Completed in the early 2000s, Choon Kim House consists of 20 commercial and 10 residential units, as well as 19 carpark lots in the basement. Under the 2014 Master Plan, the 14,988 sq ft site is zoned “commercial and residential”, with a gross plot ratio of 3.0. The site may support a total GFA of 47,661 sq ft, which is inclusive of the 10% bonus balcony area; or an estimated 35 residential and 22 commercial units, assuming a 60:40 mix for the residential and commercial components.

More than 90% of the owners consented to the collective sale during the general meeting.

Choon Kim House is 700m away from the Serangoon bus and MRT interchange. A wide range of amenities at the nearby Nex megamall will be accessible to future residents of the development. The site is near reputable educational institutions such as Paya Lebar Methodist Girls’ School, Maris Stella High School and CHIJ Our Lady of Good Counsel.

The tender for Choon Kim House closes on May 21.