East Court is the latest development to launch for collective sale on Sept 10.
The owners have set a minimum price of $19 million. This will be East Court’s first collective sale attempt, says marketing agent OrangeTee & Tie.
The eight-unit, freehold apartment development on Koon Seng Road in district 15 sits on a 13,351 sq ft plot that is zoned for residential use, and has a gross plot ratio of 1.4.
The tender price translates to about $1,031 psf per plot ratio, after accounting for the revised development charges, says Jane Tan, associate deputy group director for commercial and investment sales at OrangeTee & Tie.
The new development could have a maximum gross floor area of 20,562 sq ft, including a 10% bonus balcony area. Since all the owners have consented to the sale, the buyer will be able to begin development “right away once the sale is made, since there is no need for the Strata Title Board’s approval,” says Tan.
The 34-year old East Court is close to schools like Haig Girls’ School, Tanjong Katong Primary School, and CHIJ (Katong) Primary, as well as international educational institutions like Chatsworth International School (East), Canadian International School (Tanjong Katong), and Etonhouse International School.
The tender will close on Oct 26.