Toho Mansion is a walk-up apartment complex with two four-storey residential blocks consisting of a total of 32 apartments. It sits on an elevated site next to a Good Class Bungalow housing estate and is in close proximity to Holland Village Shopping Centre and Chip Bee Gardens. The sale and purchase of the property are expected to be completed three months after the date of the acceptance. Toho Mansion sits on prime rare freehold site in the heart of the vibrant Holland Village lifestyle enclave.
Hollandia consists of a six-storey block of 48 apartments that was built in the mid-1980s. Owners of Hollandia can expect gross sale proceeds of $3.3 million to $4.2 million, which works out to over $2,000 psf on strata area. The site can be developed up to 12 storeys with an allowable gross floor area (GFA) of 10,004.56 sq m.
FEC said it plans to redevelop the site into a high-end residential development, with total GFA of about 10,000 sqm. The firm's unit, FEC Properties, launched the 400-unit Artra near Redhill MRT station last April. Artra, jointly developed by FEC and New World Development - had sold 191 apartments as at the end of last year. FEC has also undertaken projects in Australia and mainland China.
Asia Gardens in Everton Road leads the way with an asking price of $338 million, followed by Park View Mansions near Jurong Lake at about $320 million, 27 Moulmein Rise with a reserve price of $110 million, or Katong Omega Apartments at $41 million.
Asia Gardens enjoys unobstructed panoramic views of the city skyline and sea beyond the Tanjong Pagar port area, has an asking price of $338 million - working out to $1,675 per square foot per plot ratio (psf ppr). The Asia Gardens site has a high development baseline and could yield a condominium of up to 36 storeys with about 270 units, assuming an average size of 70 sq m.
Asia Gardens, completed in the late 1980s, is a freehold development in the Spottiswoode enclave comprising 80 apartments and four penthouses on a land area of about 72,059 sq ft with a gross plot ratio of 2.8. Asia Gardens located near the Central Business District, a short drive from Orchard Road and HarbourFront, and only 400m from the Outram Park MRT interchange, serving the East-West and North-East lines and the upcoming Thomson-East Coast Line.
27 Moulmein Rise near Novena and an adjoining plot of land with a combined reserve price of $110 million. This translates to a land rate of $1,525 psf ppr, based on a maximum allowable GFA of 72,147 sq ft, including a 10 per cent balcony area. Both plots are owned by 27MR and no development charges are payable. The sites, which have a total land area of 22,198 sq ft, could yield up to 87 units. 27 Moulmein Rise is in prime District 11 and near the upcoming Health City Novena, which is due for completion by 2030.
Katong Omega Apartments at 357 to 367C, East Coast Road, in District 15 is also on the market recently when all owners of the 18 units have unanimously agreed to sell, so strata board approval is not required. The Katong Omega Apartments site is expected to fetch at least $41 million, or about $1,062 psf ppr, including a development charge of $480,000 as it is located in a heritage district on a land area of about 27,902.4 sq ft, with a plot ratio of 1.4, and an allowable height of up to five storeys.
Tenders close on April 5 for Katong Omega Apartments, April 16 for Asia Gardens, April 18 for 27 Moulmein Rise, and April 20 for Park View Mansions.