Freehold apartment block at Haig Road launched for collective sale at $48 mil

By
/ EdgeProp Singapore
|
March 3, 2022 4:53 PM SGT
The indicative price translates to a land rate of $1,252 psf per plot ratio, and the four-storey apartment block comprises 24 units. (Picture: Colliers)
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SINGAPORE (EDGEPROP) - A block of residential apartments at 173/A/B/C – 183/A/B/C (Odd nos.) Haig Road has been put up for collective sale. Colliers is the sole marketing agent for this collective sale.
The freehold residential site has an indicative price of $48 million, which translates to a land rate of $1,252 psf per plot ratio. According to Colliers, no development charge is payable to redevelop the site.
The property is at the junction of Haig Road and Seraya Lane. It is supported by an extensive road and highway network including Mountbatten Road, Tanjong Katong Road, Kallang-Paya Lebar Expressway (KPE) and East Coast Parkway (ECP).
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Its location in the East Coast area means the site is close to many F&B, lifestyle, and entertainment options, such as Kinex, I12 Katong, Parkway Parade, Dunman Food Centre and East Coast Park. The Paya Lebar commercial district is also close by.
Many popular schools are also in the area, including Tanjong Katong Primary School, Haig Girls’ School, Tanjong Katong Girls’ School, Chung Cheng High School (Main) and Canadian International School (Tanjong Katong Campus).
The four-storey apartment block sits on a 27,389 sq ft site and the development comprises 24 units. Under the 2019 Master Plan, the site is zoned ‘Residential’ with a gross plot ratio of 1.4. It could be redeveloped into a new 35-unit residential development with an average unit size of 1,100 sq ft, subject to approvals.
This property is strategically located and attractively sized. It will attract developers who are familiar with the site’s distinct appeal. The most recent government land sale site at Jalan Tembusu drew eight bids and was eventually awarded at $1,302 psf ppr, showing that the area is highly desirable to developers, says John Bin, director of Capital Markets & Investment Services, Singapore at Colliers.
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The collective sale tender will close on April 7.

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