SINGAPORE - Freehold development Choon Kim House, located in Upper Serangoon Road, has been launched for collective sale, its sole marketing agent JLL announced on Wednesday (April 18).
Owners of the four-storey cum attic, mixed-use development are expecting bids above S$55 million, which would reflect a land rate of S$1,287 per square foot per plot ratio (psf ppr), or S$1,257 psf ppr after factoring in the 10 per cent bonus balcony for the residential component and inclusive of a development charge payable, currently estimated at around S$4.9 million.
JLL said the location offers an "appealing opportunity for owner-occupiers who are looking for a freehold building at a manageable quantum in a central location".
Choon Kim House, located at 780 Upper Serangoon Road, was completed in the early 2000s and consists of 20 commercial units and 10 residential units, with 19 basement carpark spaces.
The 14,988 sq ft site is zoned commercial and residential, with a gross plot ratio of 3.0.
The site could potentially support a total gross floor area (GFA) of 47,661 sq ft, inclusive of the 10 per cent bonus balcony area, or some 35 residential and 22 commercial units, assuming a 60:40 mix for the residential and commercial component, JLL said.
Choon Kim House is located near Serangoon bus and MRT interchange, and is accessible by both the Central Expressway and Kallang-Paya Lebar Expressway.
Amenities such as Nex mall are nearby, while schools such as Paya Lebar Methodist Girls', Maris Stella High, St Gabriel's Primary and CHIJ Our Lady of Good Counsel are within a 1km to 2km radius.
Yong Choon Fah, national director of capital markets at JLL, Singapore, described the location as popular among "families and young couples who appreciate the convenience, ready amenities and one-of-a-kind dining options in the Serangoon area".
She added that investors could explore asset enhancement plans to "potentially increase the lettable area or convert it to a higher value use".
The tender closes on May 21 at 2.30pm.