Collective sale of three houses in Telok Kurau for $25 mil

By
/ EdgeProp Singapore
|
November 18, 2020 5:06 PM SGT
SINGAPORE (EDGEPROP) - Three freehold landed homes in Lorong N Telok Kurau in prime District 15 have been put up for collective sale by tender with PropNex as the marketing agent. The houses sit on three adjoining sites at 93B, 93C, and 95 Lorong N Telok Kurau, with a combined freehold land area of 18,507 sq ft.
Under the URA Master Plan 2019, they are zoned for residential use with a plot ratio of 1.4. Subject to relevant approvals from the authorities, the combined site will have a total gross floor area of 27,724 sq ft, inclusive of balconies. It can therefore be redeveloped into a boutique private residential project with about 24 new units with average size of 1,076 sq ft each, says Tracy Goh, PropNex head of investment and collective sales.
Based on the owners’ reserve price of $25 million, this works out to a land rate of $902 psf per plot ratio (psf ppr) after factoring in the 7% bonus gross floor area for balconies.
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Telok-Kurau - EDGEPROP SINGAPORE
The three freehold houses at 93B, 93C and 95 Lorong N Telok Kurau have a combined land area of 18,507 sq ft. (Picture: PropNex)
“We expect to see strong interest for the combined site, given its good location as well as the bite-sized quantum, which will present lower development risk for developers amid the pandemic and uncertain macroeconomic environment,” notes Goh. “With the robust home sales and positive market sentiment, developers are looking out for choice residential sites to augment their development pipeline and we believe this Telok Kurau site will appeal to them.”
The Telok Kurau area in East Coast has traditionally been popular with home buyers due to its proximity to F&B offerings; amenities such as shopping, with Parkway Parade and 112 Katong mall (which is undergoing renovation); as well as popular schools such as Tao Nan School, CHIJ (Katong) Primary and CHIJ (Katong) Convent and Ngee Ann Primary School, as well as St Patrick’s School and Victoria Junior College.