Kovan’s Jansen Mansions sold higher at S$19.1m

Published Wed, Jun 29, 2022 · 03:25 PM

JANSEN Mansions at Kovan has been collectively sold to Macly Capital in a public tender for S$19.1 million, slightly higher than the reserve price of S$18.9 million, marketing agent PropNex Realty announced on Wednesday (Jun 29).

The tender, which closed on Jun 28, follows 2 previous unsuccessful attempts by owners to sell the property collectively in 2021 and 2018.

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 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 sale price translates to a land rate of S$863 per square foot per plot ratio inclusive of development charges.

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.

Tracy Goh, head of investment and collective sales at PropNex, said: “This year, we saw more interest in this plot of land compared to last year. Some of the attributes of Jansen Mansions that appealed to interest parties were the 999-year land lease, the bite-size quantum, and its location amidst well-established neighbourhoods of Serangoon and Kovan.”