At a tender procedure that ended on April 26, 2022, Verdun House, an en bloc site in Farrer Park that is situated at the intersection of Verdun Road and Sam Leong Road, was sold for $55.1 million. The CEO of the Fragrance Group, Mr. James Koh, placed the highest offer.
The transaction has the approval of the owners of 15 out of the 16 strata-titled apartments, or 93 percent of the complex. The Strata Titles Board must approve the deal.
The 7,300 square foot site, which is 370 meters from Farrer Park MRT station and has a plot ratio of 4.2, is designated as “Commercial” in the 2019 Master Plan. Currently, it has 12 apartments on its higher levels and four stores and restaurants on the ground level. The development was completed in the 1980s.
The transaction price of $55.1 million is equivalent to $1,793 per square foot on the 30,727 sf of potential commercial gross floor space. Upon its redevelopment, no development charge is due up to its potential plot ratio of 4.2 Commercial use.
Each apartment owner will receive between $2.1 and $2.8 million at the sale price, while shop owners would receive between $5.7 and $7.5 million.