Phoenix Road property sold en bloc above asking price at S$42.6m

A ROW of apartments and shops on Phoenix Road near Bukit Panjang has been sold en bloc for S$42.6 million in the property's second collective sale attempt.

The buyer was CNQC Realty (Treasure), a subsidiary of developer Qingjian Realty (South Pacific) Group, according to marketing agent Colliers International on Monday evening.

The sale price is above the owners' asking price of S$42 million, and works out to an estimated land rate of S$630 per square foot per plot ratio (psf ppr) after factoring the estimated differential premium payable.

Each owner could stand to receive estimated gross sale proceeds of S$1.08 million to S$1.44 million depending on the size of their units, upon completion of the sale. The 36 units in the property are sized between 83 square metres (sq m) and 91 sq m.

The property sits on a site of 5,853 sq m or 63,002 square feet (sq ft), at 2/A-B to 24/A-B Phoenix Road.

It comprises 24 apartments and 12 shops spread over two three-storey blocks, with a 99-year leasehold tenure that started from Jan 1, 1969.

The site is zoned for residential use with a gross plot ratio of 1.4 under the Draft Master Plan 2019 by the Urban Redevelopment Authority.

Subject to relevant approvals, it could be redeveloped to offer about 80 residential units, with an average size of about 950 sq ft.

District 23, where the property is located, presents "good opportunities" for residential development owing to the limited upcoming supply of private homes in the area, said Steven Tan, director of capital markets and investment services at Colliers International.

Vincent Chia, chairman of the collective sale committee, said: "We are glad that the ageing property can now be redeveloped and have a brand-new look."

The property is near the Phoenix LRT station and an eight-minute walk away from the Bukit Panjang MRT station and bus interchange. Amenities in the area include Bukit Panjang Plaza, Hillion Mall and Junction 10, and schools in the area include ITE College West, Pioneer Junior College and Choa Chu Kang Secondary.

Its collective sale tender was relaunched on June 27, and closed at 3pm on July 25.

The first attempt, made in November last year, also carried the same indicative price of S$42 million.

The Phoenix Road sale comes after a small District 9 condominium was sold en bloc to a private investor in June. The five-unit Sophia View was 2019's first residential collective sale in Singapore. Marketing agent SRI declined to reveal the exact price tag coughed up, but said each unit will get about S$2 million.