Jansen Mansions at Kovan in third collective sale attempt at S$18.9m reserve price

Published Wed, Jun 1, 2022 · 11:39 AM

KOVAN’S Jansen Mansions will be put up for collective sale for the third time with an increased reserve price of S$18.9 million on Jun 2, marketing agency PropNex Realty announced on Wednesday (Jun 1).

Located at 25 Jansen Road, the 12-unit development sits on about 16,592.7 square feet (sq ft) of land with a plot ratio of 1.4 and with a gross floor area (GFA) of about 23,229.8 sq ft. It is zoned for residential use, with a 999-year leasehold tenure starting from Sep 1, 1876.

After factoring in the 7 per cent bonus balcony space, the new reserve price translates to a land rate of S$855 per square foot per plot ratio inclusive of development charges.

“The Jansen Mansions collective sale site can be redeveloped to offer 21 dwelling units with an average size of 100 square metres,” said Tracy Goh, head of investment and collective sales at PropNex.

The owner’s second collective sale attempt early last year saw a reserve price of S$19.8 million – which was subsequently reduced to S$18.5 million in a tender relaunch in August 2021. The first time Jansen Mansions was launched for collective sale was in 2018 with a reserve price of S$22 million.

More than 80 per cent of of the owners at the boutique condominium have given their consent for this latest collective sale exercise, PropNex added.