St Michael's Condo to be launched for collective sale for at least S$112m

ST Michael's Condominium off Serangoon Road is launching on the market on Tuesday, said marketing agent Teakhwa Real Estate.

It is expecting at least S$112 million with no development charge payable for the 60-unit freehold site, which is a 10-minute walk from Boon Keng MRT and located within a 1-km radius of St Andrew's Junior School and Hong Wen Primary School.

Each unit owner could bag between S$1.38 million and S$2 million.

The site has a land area of approximately 35,665.4 sq ft, a plot ratio of 2.8 and an allowable height of up to 36 storeys.

Including a 10 per cent bonus balcony, which would raise the proposed plot ratio to 3.08, the land price would be about S$1,072.1 psf ppr.

With a maximum allowable gross floor area of about 99,863.2 sq ft, St Michael's Condominium could be redeveloped into a site with 132 apartments of about 753 sq ft per unit, subject to the approval of authorities.

A potential purchaser of the site should not be affected by any future increases in DC rate if any, thanks to its high development baseline, said Teakhwa Real Estate's managing director Sieow Teak Hwa in a statement on Monday.

"For its freehold tenure, excellent central location and undemanding land rate expectation, we can expect strong interest from developers for this attractive site," he said.

The tender will close on May 23 at 3pm.