Collective sale of Hong Heng Mansions launched at $133 mil
By Timothy Tay
/ EdgeProp Singapore |
The tender for the collective sale of Hong Heng Mansions closes on April 18. (Picture: ERA)
SINGAPORE (EDGEPROP) - The freehold condominium Hong Heng Mansions on Sembawang Road has launched the public tender of its collective sale with a reserve price of $133 million. This was announced in a press release by ERA Realty Network, the marketing agency for the condo.
Hong Heng Mansions sits on a 78,644 sq ft plot and the reserve price translates to a land rate of about $1,208 psf per plot ratio (ppr). This sum excludes the land betterment charge. Under the latest Master Plan, the site is zoned “residential with commercial at 1st storey” with a gross plot ratio of 1.4. In addition, the site has a maximum four-storey building height control. (Find Singapore commercial properties with our commercial directory)
The development is beside the Springleaf landed housing estate and Springleaf Nature Park. Nearby lifestyle amenities include Orchid Country Club, Wisteria Mall, Sembawang Shopping Centre, Sun Plaza, Canberra Plaza and Thomson Plaza. Springleaf MRT Station on the Thomson-East Coast Line is about 500m from Hong Heng Mansions.
According to EdgeProp's Landlens tool, if Hong Heng Mansions is sold at $133 mil, the new development could see an approximate selling price of $2,160 psf. (Map: EdgeProp Singapore)
Peiying Primary School is within 2km of the site, while other schools in the vicinity are North View Primary School, Naval Base Secondary School, Orchid Park Secondary School, and Chung Cheng High School (Yishun).
ERA agents Jeremy Rikas Chiu, group division director, and Allen Loo, division director, believe the site will attract developers for its potential to be redeveloped into a new mixed-use development. They add: “This rare site along the Sembawang Road area is expected to evoke strong interest from local and overseas developers due to its appealing location and competitive reserve price.”
The tender for the collective sale of Hong Heng Mansions closes on April 18.
Check out the latest listings near Hong Heng Mansions, Springleaf MRT Station, Peiying Primary School, North View Primary School, Naval Base Secondary School, Orchid Park Secondary School, Chung Cheng High School (Yishun)
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