Serviced apartment building in Novena up for sale at S$93m

A 15-storey residential building known as "12 on Shan" has been put up for sale with an indicative price tag of S$93 million, according to its sole marketing agent Showsuite Consultancy on Wednesday.

The 78-unit serviced apartment development has a land area measuring 22,150 square feet (sq ft) and is zoned residential with a plot ratio of 2.8 in the URA Master Plan 2019. This works out to about S$1,367 per square foot (psf) on existing gross floor area.

Featuring a combination of studio, one and two-bedroom apartments, some of which are dual-key units, it offers fully furnished apartments ranging from 350 sq ft to 930 sq ft in size.

The property is also located within a cluster of medical facilities, including Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital, Novena Specialist Centre, Novena Medical Centre and Royal Square.

As the three-year-old freehold property is situated near the Novena Health City, which is targeted to be completed by 2030, chief executive of Showsuite Consultancy Karamjit Singh believes this makes it an ideal investment opportunity.

"Singapore's effective handling of the Covid-19 pandemic is a resounding testament to its medical care standards... As a result, medical tourism is expected to remain a strong-performing industry, which bodes well for 12 On Shan, as it is geographically well-connected to Novena," he said.

"From a pricing perspective, the guide price of S$93 million or S$1,367 psf on the gross floor area is well below replacement costs and not far from prices of freehold redevelopment parcels in that area, which tend to command between S$1,200 and S$1,300 psf before construction and ancillary costs," Mr Singh added.

The property is available via an expression of interest exercise, which will close at 2.30pm on March 31.