“Owing to a higher estimated differential premium, the land rate has risen marginally to $621 per sq ft per plot ratio (psf ppr) – up from $617 psf ppr in the earlier tender exercise (which closed on 17 January 2019),” said marketing agent Colliers International.
Nestled on a 5,853.1 sq m (63,002 sq ft) site, the Phoenix Road property comprises 24 apartments and 12 shops that are spread across two three-storey blocks.
The site, which is zoned residential under the 2019 Draft Master Plan with a gross plot ratio of 1.4, has a leasehold tenure of 99 years which started on 1 January 1969.
“We’ve received enquiries about the site previously and expect it to continue to attract interest, given its favourable location near key transport nodes, pristine nature reserve and a wide range of amenities, as well as its boutique-sized plot and palatable quantum,” said Steven Tan, director of capital markets and investment services at Colliers International.
Subject to relevant approvals, the site could be redeveloped to offer 80 residential units, averaging around 950 sq ft each, he added.
With the Phoenix LRT station right at its door step, the property is near the Bukit Panjang MRT station and bus interchange.
Amenities within the area include Bukit Panjang Plaza, Junction 10, Hillion Mall, HillV2, as well as schools like Pioneer Junior College, ITE College West, Teck Whye Secondary, Choa Chu Kang Secondary and West View Primary.
Vincent Chia, chairman of the Collective Sale Committee, said the owners know that the en bloc sale market have been very challenging lately.
“That said, we are sincere about putting the property on the market and would like to have another go at it before the Collective Sale Agreement expires later this year.”
In the event of a successful sale, each owner stands to receive an estimated gross sale proceeds of $1 million to $1.5 million, depending on the size of their units.
The tender for the property closes on 25 July.
Source From: https://www.propertyguru.com.sg/property-management-news/2019/6/181040/phoenix-road-apartments-shops-make-second-attempt-at-collective-sale