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Latest Property Real Estate News - Published on 17/12/2020
PropNex, the largest real estate agency in Singapore has today announced that three freehold landed homes in Lorong N Telok Kurau will be put up for collective sale via tender on 19 November 2020. The owners’ reserve price of $25 million works out to a land rate of $902 per square foot per plot ratio (psf ppr) after factoring the 7% bonus gross floor area for balconies.
The three adjoining sites in District 15 – 93B, 93C, and 95 Lorong N Telok Kurau – have a combined freehold land area of 18,507 sq ft. Under the Urban Redevelopment Authority's Master Plan 2019, the sites are zoned Residential with a plot ratio of 1.4.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “This is a rare opportunity to acquire a freehold redevelopment site that is nestled within an established private residential enclave in Telok Kurau. 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. With the robust home sales and positive market sentiment, developers are looking out for choice residential sites to augment their development pipeline and we believe this Telok Kurau site will appeal to them.”
The collective sale site is located in an amenity-rich area near East Coast Road, which is known for its F&B offerings, and it is also a stone’s throw from the East Coast Park beach. Other amenities in the vicinity include the Parkway Parade mall and the 112 Katong mall (which is currently undergoing renovation). In addition, there are also several popular schools nearby, including CHIJ (Katong) Primary, CHIJ Katong Convent, Ngee Ann Primary School, St. Stephen’s School, Tao Nan School, St. Patrick’s School, and Victoria Junior College. The site is within walking distance (about 500m away) to the upcoming Marine Terrace MRT Station on the Thomson-East Coast Line that is slated to be ready in 2024.
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 tender will close on 29 December 2020 at 3 pm.
Photo credit: PropNex