District 11 apartments up for collective sale

An apartment development in the prime District 11 has been put up for collective sale, with its owners looking for offers in excess of S$40 million.

The 16-unit apartment on Moulmein Road sits on freehold land of around 17,000 sq ft, across the road from Novena MRT Station, and [email protected] and Square 2 shopping centres.

The area is also served by the Central Expressway and Pan Island Expressway, and is close to several schools such as St Joseph’s Institution Junior, Anglo-Chinese Junior and Primary schools, as well as CHIJ Primary (Toa Payoh).

“The location will be extremely popular with owner-occupiers and tenants looking for transportation convenience, close proximity to amenities, medical facilities and highly reputable schools,” said Mr Alex Chow, Manager for Investment Properties at CBRE, the marketing agent for the tender.

With a potential gross floor area of around 26,000 sq ft, the developer can build a project with 32 apartments of an average size of 800 sq ft each. And the S$40 million that the owners are seeking works out to around S$1,598 per sq ft per plot ratio.

“Given the excellent Novena location of the site, its freehold tenure and bite-sized quantum, we anticipate strong interest from local and foreign developers as well as new entrants to the Singapore real estate market,” Mr Chow said.

The tender for the site closes on April 2.

Source : Today – 20 Feb 2014