Colliers International today announced that a row of apartments with commercial shops on the first storey at 2/2A/2B – 24/24A/24B Phoenix Road in Bukit Panjang will be put up for collective sale via public tender on 29 November 2018 for $42 million.
The indicative price of $42 million for the row of apartments at Phoenix Road translates to a land rate of $617 per square foot per plot ratio (psf ppr), and$566 psf ppr after factoring the 7% bonus balcony Gross Floor Area (GFA).
Colliers, a global leader in commercial real estate services, said no development charge is payable.
The row of apartments at Phoenix Road sits on a 5,853.1-square metre (approximately 63,002 square feet) site and comprises a row of 36 units (24 apartments and 12 commercial shops) spread over two three-storey blocks. The site has a 99-year leasehold tenure with effect from 1 January 1969.
Under the Master Plan 2014, the row of apartments at Phoenix Road is zoned Residential and has a Gross Plot Ratio (GPR) of 1.4. Subject to relevant approvals, the row of apartments at Phoenix Road can be redeveloped to offer 84 residential units, with an average size of 950 sq ft each.
Mr Steven Tan, Director of Capital Markets & Investment Services at Colliers International, said, “The interesting location of this residential site near the verdant rainforest of the Bukit Timah Nature Reserve and the green Rail Corridor would offer the successful tenderer an opportunity to create a cosy retreat with unblocked views of the lush greenery.
“It could be an urban oasis that is one with nature, yet providing the very best of modern living. In addition, the future development should generate keen interest as there have not been many new launches in the area. It will likely appeal to diverse groups of buyers – including nature lovers – who value the site’s proximity to key transport nodes, lifestyle amenities, and numerous schools.”
The redevelopment site enjoys excellent connectivity with the Phoenix LRT station at its door step and the Bukit Panjang MRT station and bus interchange just an 8 minutes’ walk away. It is well-served by major arterial roads, the Kranji Expressway, Bukit Timah Expressway, and the Pan Island Expressway. Meanwhile, the Tuas Checkpoint is a 20-minute drive away.
Future residents will enjoy the convenience of living in an amenity-rich area, near malls such as Bukit Panjang Plaza, Hillion Mall, Junction 10, HillV2, and the Teck Whye neighbourhood centre, as well as a range of schools, including ITE College West, Pioneer Junior College, Choa Chu Kang Secondary, Teck Whye Secondary, and West View Primary.
This is the first time that the owners of the row of apartments at Phoenix Road are embarking on an en bloc sale of their units.
Currently, the 36 units in the row of apartments at Phoenix Road are sized between 83 sq m and 91 sq m (approximately 893 sq ft and 980 sq ft). Each owner will stand to receive an estimated gross sale proceed of $1.0 million to $1.5 million upon successful sale of the Property.
Mr. Vincent Chia, Chairman of the Collective Sale Committee, said, “The building is ageing and the owners feel that this is a good time to put the property on the market before the collective sale window closes.
“The owners are realistic in their pricing expectation as we all know that the property market has been challenging and more uncertain after the new cooling measures were introduced by the Government in July. However, we remain positive about the tender given the site’s great location and Colliers International’s proven track record in brokering collective sale deals.”
The collective sale tender for the row of apartments at Phoenix Road will close at 3pm on 17 January 2019.
Mr Paul Ho, chief mortgage consultant at iCompareLoan, said that the owners of the row of apartments at Phoenix Road are smart to put the aging buildings to put the property on the market before the collective sale window closes. Mr Ho added that the subdued residential property market enthusiasm is also a big blow to en bloc beneficiaries shopping for a replacement property, as well as investors.
“Whatever decision en bloc sale committee makes, it is better to make it fast so that the sale (or non-sale) can be concluded with minimal delay and maximum benefit to the owners,” said Mr Ho.
Owners of property which is being collectively sold must be mindful that as collective sale process takes 20 to 30 months to complete, and that during this time, they do not have sufficient funds for down-payment – and also their CPF Ordinary Account funds are tied up in the property – meaning they cannot buy a new condominium early.
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