Two more residential sites up for collective sale

TWO more residential sites have been launched for collective sale on Tuesday (July 3), which their marketing agent says are suitable for boutique developers.

The owners of Jansen Mansion, a 12-unit development near Kovan MRT station, have all voted for the sale and are asking for S$22 million. The 16,592.55 square foot site has 857 years left on its 999-year lease, with a plot ratio of 1.4 and a height limit of up to 5 storeys.

Marketing agent Huttons Asia estimates that the prospective developer can redevelop the site into a 21-unit project, with each unit averaging about 100 square metres.

"The prospective developer can expect a strong demand from buyers given its close proximity to Kovan MRT station and Heartland Mall," said Huttons Asia.

A development charge (DC) of S$1.14 million will be payable to build up to the plot ratio of 1.4 and another S$1.74 million to build an additional 10 per cent of balcony space. Including the DC, the land rate works out to S$996 per square foot per plot ratio (psf ppr), or S$974 psf ppr including the 10 per cent bonus balcony space.

The other collective sale launch is Blossom Mansions, a development with 20 units at Lorong 37 in Geylang.

Ninety per cent of strata owners at Blossom Mansions have signed the collective sale agreement, seeking a reserve price of S$32.8 million. This translates to S$1,262 psf ppr based on the maximum gross floor area of 25,990.73 sq ft, with no development charge payable.

Huttons Asia said the prospective developer can potentially redevelop the site of Blossom Mansions up to the existing GFA of 25,990.73 sq ft, or 34 units averaging about 70 sq m each.

The tender for Jansen Mansion closes on Aug 2 while that for Blossom Mansions closes on July 31.