SINGAPORE - TA Realty, an indirect subsidiary of TA Corporation, is putting up its freehold serviced apartment project in Novena for sale by tender.
12onShan, which already has written permission from the Urban Redevelopment Authority (URA) to be operated as serviced apartments, is valued at S$107 million on a completed basis.
It is expected to obtain temporary occupation permit in the second quarter, said Knight Frank Singapore and Savills Singapore, the marketing agents for the tender.
Located near the medical hub in the Novena area and about 550m from Novena MRT station, the 16-storey development comprises 78 serviced apartments with 99 rooms.
The apartment sizes range from 28 to 62 sq m with one-bedroom, two-bedroom and dual key units. Its facilities include a swimming pool, indoor gym, garden terrace, communal roof terrace and BBQ area.
Zoned "residential with a permissible plot ratio of 2.8, the site covers a land area of 2,058.20 sq m, with prominent frontage of about 40m onto Shan Road.
Knight Frank Singapore head of investment and capital markets Ian Loh said: "Given its strategic location, 12onShan will benefit from plans for the upcoming integrated healthcare master plan development, Health City Novena.
"By 2030, the built-up area for all healthcare facilities and services in the vicinity is projected to double to 600,000 sq m (6.46 million sq ft), up from the current area of 250,000 sq m (2.69 million sq ft)," he added.
Steven Ming, who heads investment sales and residential services at Savills Singapore, noted that there is limited availability of serviced residence offerings in the market, which makes 12onShan "an ideal investment opportunity, both in terms of its locational attributes and its palatable investment size".
"We expect this asset to be a beneficiary of rising interests from both onshore and offshore investors for income assets," Mr Ming said.
The tender for 12onShan will close on March 8.