Phoenix Rd units back on collective sale market

The Phoenix Road development on the collective sale market comprises 24 apartments and 12 shops spread over two three-storey blocks with a 99-year lease starting Jan 1, 1969. PHOTO: COLLIERS INTERNATIONAL
The Phoenix Road development on the collective sale market comprises 24 apartments and 12 shops spread over two three-storey blocks with a 99-year lease starting Jan 1, 1969. PHOTO: COLLIERS INTERNATIONAL

Second bid by owners of Bukit Panjang flats, shops; indicative price remains at $42m

The owners of a row of apartments and shops in Bukit Panjang are making a second attempt at a collective sale with an unchanged indicative price of $42 million.

The Phoenix Road properties previously went on sale last November.

They comprise 24 apartments and 12 shops spread over two three-storey blocks with a 99-year lease starting Jan 1, 1969. The 36 units are between 83 sq m and 91 sq m in size and they sit on a site with a land area of 5,853 sq m.

Each owner will stand to receive estimated gross sale proceeds of $1 million to $1.5 million if the sale goes through.

Its indicative price works out to a land rate of $621 per sq ft per plot ratio (psf ppr), up from $617 psf ppr in the earlier tender exercise. The increase is due to a bigger estimated differential premium, said marketing agent Colliers International.

The site, which is zoned residential with a gross plot ratio of 1.4, could be redeveloped to yield about 80 homes of around 950 sq ft each.

The owners... know the collective sale market has been very challenging. 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.

MR VINCENT CHIA, chairman of the Phoenix Road development's collective sale committee.

Phoenix LRT station is nearby while the Bukit Panjang MRT station and bus interchange are about an eight-minute walk away.

Amenities in the area include Bukit Panjang Plaza, Hillion Mall and Junction 10, and ITE College West, Pioneer Junior College and Choa Chu Kang Secondary.

Colliers Research said District 23 in the north-west - where the property is located - has a supply pipeline of 1,831 non-landed residential units, among the lowest compared with areas such as Districts 19 to 20 in the north-east (8,735 units).

"We've received enquiries about the site previously and expect it to continue to attract interest," said Mr Steven Tan, director of capital markets and investment services at Colliers International.

Collective sale committee chairman Vincent Chia said: "The owners... know the collective sale market has been very challenging. 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."

The tender closes at 3pm on July 25.

A version of this article appeared in the print edition of The Straits Times on June 27, 2019, with the headline 'Phoenix Rd units back on collective sale market'. Print Edition | Subscribe