SINGAPORE - The owners of a row of apartments and shops in Phoenix Road at Bukit Panjang are putting up their properties for collective sale for a second time on Thursday (June 27) with an unchanged indicative price of $42 million.
Owing to a bigger estimated differential premium, this works out a higher land rate of $621 per square foot per plot ratio (psf ppr), up from $617 psf ppr in the earlier tender exercise, said the property's marketing agent Colliers International.
The property has a land area of 5,853 square metres (sq m) and was previously put up for sale on Nov 29, 2018.
It comprises 24 apartments and 12 shops spread over two three-storey blocks and a 99-year leasehold tenure that started from Jan 1, 1969.
The 36 units in the property are sized between 83 sq m and 91 sq m. Each owner will stand to receive estimated gross sale proceeds of $1 million to $1.5 million upon a successful sale.
The site is zoned residential and has a gross plot ratio of 1.4 under the Urban Redevelopment Auhtority's 2019 Draft Master Plan.
Subject to relevant approvals, the site could be redeveloped to offer about 80 residential units, with an average size of about 950 sq ft.
The property is near Phoenix LRT station and an eight-minute walk away from the Bukit Panjang MRT station and bus interchange.
Amenities in the area include Bukit Panjang Plaza, Hillion Mall and Junction 10, and schools in the area include ITE College West, Pioneer Junior College and Choa Chu Kang Secondary.
According to Colliers Research, north-west Singapore's District 23 - where the property is located - has a supply pipeline of 1,831 non-landed residential units, which is among the lowest upcoming supply compared to other regions such as Districts 19 to 20 in north-east Singapore (8,735 units).
"We've received enquiries about the site previously and expect it to continue to attract interest," said Steven Tan, director of capital markets and investment services, Colliers International.
"This site - in District 23 - presents a good opportunity for the successful tenderer to create an exclusive residential development within an area that has a limited supply of new private housing units."
Vincent Chia, chairman of the property's collective sale committee, said: "The owners have kept up with the news and know that 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."
Its tender will close at 3pm on July 25.