SINGAPORE - The owners of United Mansion have put the walk-up apartment at 592 to 614 East Coast Road up for public tender with a reserve price of S$98 million.
The price translates to S$1,485 per square foot per plot ratio (psf ppr) with no development charges payable, Cushman & Wakefield (C&W), the appointed marketing agent for the sale, said on Monday (April 9).
The freehold site, which has a land area of 5,135.2 square metres, or about 55,275 square feet, was put up for collective sale following approval by property owners holding 89.5 per cent of the share values and strata area.
According to the Urban Redevelopment Authority's 2014 Master Plan, the site is within a three-storey mixed-landed housing area, but it is allowed to retain its current four-storey building height along with its verified gross floor area of 6,129.33 sq m (about 65,975 sq ft), C&W said.
The site can potentially yield 87 apartment units with an average size of 70 sq m gross floor area, subject to the relevant authorities' approval, it added.
United Mansion is within walking distance from the Siglap neighbourhood and is near Parkway Parade and I12 Katong mall. It is also near a number of educational institutions including CHIJ Katong Convent, Victoria Junior College and Global Indian International School.
Said Christina Sim, director of capital markets at Cushman & Wakefield: "There is a limited supply of freehold low-rise residential sites in the Siglap/Frankel Estate locality.
"The site will certainly appeal to small and mid-size developers looking for a boutique residential redevelopment opportunity in the highly sought-after Siglap neighbourhood. Currently, there is also an undersupply of saleable units in this locale."
The tender will close on May 9 at 3pm.