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Three landed homes in Telok Kurau up for collective sale with S$25m reserve price
THREE freehold landed homes in Telok Kurau will be put up for collective sale via tender on Thursday with a reserve price of S$25 million, real estate agency PropNex said in a statement on Wednesday.
The adjoining sites in District 15 - 93B, 93C and 95 Lorong N Telok Kurau - have a combined freehold land area of 18,507 square feet (sq ft). The sites are zoned for residential use with a plot ratio of 1.4, under the Urban Redevelopment Authority's Master Plan 2019.
The reserve price of S$25 million works out to a land rate of S$902 per square foot per plot ratio after factoring the 7 per cent bonus gross floor area for balconies, PropNex said.
It added: "Subject to relevant approvals from the authorities, the combined site - with a total gross floor area of 27,724 sq ft inclusive of balconies - can be redeveloped to a boutique private residential project, offering about 24 new units at an average size of 1,076 sq ft each."
The collective sale site is located near East Coast Road, and is also close to East Coast Park beach. Malls and schools in the vicinity include Parkway Parade, CHIJ Katong Convent, Tao Nan School and Victoria Junior College.
Tracy Goh, head of investment and collective sales at PropNex, said: "We expect to see strong interest for the combined site, given its good location as well as the bite-sized quantum, which will present lower development risk for developers amid the pandemic and uncertain macroeconomic environment."
The collective sale tender closes on Dec 29 at 3pm.