Cheng Hoe House, a group of eight freehold townhouses, has been launched for collective sale by tender on Monday for S$28 million, marketer Teakhwa Real Estate said.
The reserve price reflects a land rate of S$1,082.9 per square foot per plot ratio (psf ppr), including a development charge of about S$6.1 million. Teakhwa Real Estate said the land price would be reduced to S$1,052.5 psf if the 10 per cent bonus balcony area is included.
The 22,484.9 sq ft freehold residential site has a plot ratio of 1.4 and allowable height of up to 5 storeys. Subject to approval from the relevant authorities, the potential gross floor area (GFA) could translate into about 29 apartments with an average size of 1,076 sq ft per unit for the new residential development.
The property is located at 10 Kovan Road, surrounded by mostly landed and low-rise housing and within three minutes’ walk of Kovan MRT station, Heartland Mall and Kovan City. It is also within two kilometres of Rosyth School and Paya Lebar Methodist Primary School.
“The potential freehold residential development will appeal very much to owner-occupiers and first-time buyers with parents staying close by the estate,” said Sieow Teak Hwa, managing director of Teakhwa Real Estate.
The tender for Cheng Hoe House will close on Sept 19, 2018 at 2pm.