You are here

Flynn Park, Choon Kim House have second go at en bloc sale

BT_20190105_YOTENDER5_3660017.jpg
The freehold Choon Kim House in Upper Serangoon Road has 20 commercial units and 10 residential ones. It is near Serangoon bus and MRT interchange.

Singapore

The freehold 72-unit Flynn Park, off Pasir Panjang Road, has a minimum price of S$363.8 million.

Following the July cooling measures, owners have been collecting signatures to get an 80 per cent mandate to lower the reserve price to S$325 million; they are at 75 per cent now.

After factoring in an estimated development charge of about S$24.5 million, the original reserve price translates to S$1,331 per square foot per plot ratio (psf ppr). If enough owners sign the supplemental agreement to lower the reserve price, the site would go for about S$1,198 psf ppr.

sentifi.com

Market voices on:

The first tender closed in June without a buyer.

The residential site spans 208,443 sq ft and has an allowable gross plot ratio (GPR) of 1.4. No pre-application feasibility study on traffic impact is required by the Land Transport Authority for redeveloping this site.

It is located near Pasir Panjang MRT and the Canopy Walk, an elevated boardwalk linking Kent Ridge Park to Hort Park. The tender for Flynn Park closes on Jan 29.

At the freehold Choon Kim House in Upper Serangoon Road, over 80 per cent of the owners of the commercial and residential site have agreed to lower the reserve price from S$55 million to S$50 million.

The new price translates to a land rate of S$1,173 psf ppr or S$1,149 psf ppr after factoring in the 10 per cent bonus GFA (Gross Floor Area) for the residential component, subject to approval.

The project comprises 20 commercial units and 10 residential units with 19 basement car park lots in a 14,988 sq ft site.

Its GPR is three and it can support a total GFA of 47,661 sq ft, including the 10 per cent bonus area if it gets the authorities' nod.

It is 700 m from the Serangoon bus and MRT interchange. Paya Lebar Methodist Girls School is within a kilometre radius; Maris Stella High School, St Gabriel's Primary School and CHIJ Our Lady of Good Counsel are under 2 km away.

JLL added: "Choon Kim House offers an appealing opportunity for organisations or institutions and business owners who are looking to own and occupy their building for naming rights and brand awareness, or an investor or developer who wishes to explore other forms of development like a boutique hotel or student hostel, subject to change of use and planning approval."

The tender for Choon Kim House closes on Jan 3.

Other tender relaunches by JLL in the new year include that of Horizon Towers and Cavenagh Gardens.