St Francis Court up for collective sale at $95 mil

/ EdgeProp
May 9, 2019 2:16 PM SGT
St Francis Court (Credit: ERA)
St Francis Court, a 99-year leasehold site off Serangoon Road, has launched for collective sale at an asking price of $95 million.
If the sale goes through, owners are expected to receive sale proceeds of between $1 million and $1.5 million each, depending on their unit size.
St Francis Court comprises a single block of 11-storey apartments, with a total of 71 units. It occupies a land area of 34,111 sq ft and has 72 years left on its lease. An intensification and top-up for a fresh 99- year lease is estimated to cost between $9 million and $10 million, says ERA, which is marketing the property.
Under URA’s 2014 Master Plan, it has a plot ratio of 2.8. The site can be redeveloped into 100 to 110 units, and the proposed redevelopment would not require a pre-application feasibility study, according to ERA.
St Francis Court is a nine-minute walk to Boon Keng MRT Station on the North-East Line. It is within 2.5km to schools such as St Andrew’s Junior School, Hong Wen School and Bendemeer Primary School. The tender for the site will close on June 6, at 3.30pm.