29 units at Serangoon Road up for collective sale at $133.656 mil

A collection that includes seven freehold shophouses, 15 terrace houses, four walk-up apartments and three plots of state land at the intersection of St George’s Road and Serangoon Road has been launched for sale at a reserve price of $133.7 million.

A short four-minute walk from Boon Keng MRT station, the properties have a total land area of 25,621 sq ft. Owners of the 29 units can expect to receive between $2.3 million and $10.6 million each, according to Terence Ng, key executive officer at Jie Sheng Housing Agency.

The developer will be given a three-month call option to obtain the in-principle approval from the Singapore Land Authority to purchase 8,611 sq ft of state land parcels that are within the project boundaries.

The developer could apply for the outline planning permit from URA to increase the plot ratio of the residential parcels to 2.8 from 1.4. Based on the plot ratio of 2.8, the GFA will be 95,850 sq ft, and there is an estimated development charge of $26.77 million. This works out to $1,711 psf ppr.

The winning bidder will be awarded with a call and put option.

The shophouses are zoned “residential with commercial on first storey” with a plot ratio of 3.0, whereas the residential rows have a plot ratio of 1.4.

The new development can have an estimated total of 130 units, based on an area of 753 sq ft each.
The tender will close on Aug 17.

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