FREEHOLD mixed-use development Telok Blangah House has been relaunched for collective sale at a lower guide price of S$92 million, down from the earlier S$98 million price tag in March.
The new guide price works out to S$1,744 per square foot per plot ratio (psf ppr) including bonus balcony, said sole marketing agent SRI Capital Market in a press statement on Wednesday (Aug 17). A S$2.36 million development charge applies for the bonus balcony gross floor area.
The guide price is based on gross plot ratio 3.5, assuming 60 per cent of the gross floor area is for residential use and 40 per cent for commercial use.
Located directly across VivoCity, the 9-storey mixed use development comprises 4 levels of commercial units and 5 levels of residential apartments. Developers can rebuild the 14,841-square-feet-site to hold 34 new residential units and up to 20,788 square feet (sq ft) of commercial use spaces, subject to approval from relevant authorities.
The site also has a maximum permissible gross floor area of approximately 51,943 sq ft.
Telok Blangah House is currently zoned for residential and commercial use under the 2019 Master Plan and has a gross plot ratio of 3.5.
"The site, which is located directly across Sentosa, will also benefit from the Sentosa-Brani Masterplan - a vision to guide the redevelopment of the 2 islands into a choice tourist destination over the next few decades," said Low Choon Sin, managing partner at SRI Capital Market.
The property has been launched for collective sale via a public tender exercise, which will close on Sep 13 at 2.30 pm.