Located at 71-85 (Odd Nos.) Phoenix Avenue in District 23, Phoenix Heights has a $36 million asking price translating to about $668 psf per plot ratio (ppr), including the 10% bonus balcony space and premiums payable to top-up up the lease. Under the 2014 Master Plan, the site is zoned for residential use and has a plot ratio of 1.4.
The 60,821 sq ft site is zoned for residential use with an as-built plot ratio of 4.0. The winning bid of $286 million translates to a land rate of $1,406 psf per plot ratio (ppr) after taking into consideration the lease upgrade premium of $57 million, estimates Tan Hong Boon, JLL regional director.
The price of $1,406 psf ppr compares favourably to the $1,515 psf ppr achieved at Pearl Bank Apartments, which was sold to CapitaLand in February. Landmark Tower is also a 99-year leasehold development located next to Pearl’s Hill City Park, near Pearl Bank Apartments.
Given its vantage point, Landmark Tower offers residents 360-degree city views. Based on the sale price, the owners of Landmark Tower will receive gross proceeds between $1.6 million and $4.9 million from the collective sale, adds JLL’s Tan.The 33-year old development was put up for collective sale on April 10 with a reserve price of $285 million, althought owners had expected in excess of $300 million ($1,474 psf ppr) for it.
Outline planning permission for serviced apartments with commercial use has been granted by the Urban Redevelopment Authority. Apartment owners are expected to receive gross sale proceeds of between $3.44 million and $4.79 million per unit, while shop owners can expect between $1.64 million and $10.62 million per unit. Such freehold mixed-use sites within the city are rarely available and given its city centre location in a popular and vibrant enclave within close proximity to MRT stations, the property is perfectly situated for use as serviced apartments. This development option will allow the purchaser to hold the invaluable freehold property for long-term investment.
The site is zoned for residential use, has a plot ratio of 2.8 and an allowable building height of up to 36 storeys. The maximum allowable gross floor area will be 173,409 sq ft. The redevelopment could potentially yield about 230 units of 753 sq ft each, subject to approvals.The tender will close on June 21.
Leonie Gardens, located at 23, 25 and 27 Leonie Hill in District 9, has 71 years remaining on its 99-year leasehold, which expires on Sept 14, 2089. The condo consists of 138 units, with a total strata area of 324,972.90 sq ft and a gross floor area of 410,431.80 sq ft.
The site is zoned residential under the Urban Redevelopment Authority Master Plan 2014, with a plot ratio of 2.8. According to Huttons, it can be developed into 544 condominium units averaging at about 70 sq m each, or 380 condominium units at about 100 sq m each. Subject to approval, it is possible to have a 10 per cent balcony space added, increasing the area to 449,031.63 sq ft.
This Qingjian Realty (South Pacific) Group mixed development project in Bukit Batok offered just 115 units for sale on Saturday (May 19), just a week after it opened up the development for Phase Two preview. In August 2017, Le Quest - a beautiful mixed development, which is a short drive away from Singapore's second central business district in Jurong East, sold 280 units its Phase One sales.
With an average psf of $1,380, buyers can get a four-bedroom unit in the mixed-use development Le Quest from $1.8 million. Prices of the units offered in Phase Two, though higher than at first launch, did not deter buyers from snapping up the units as it is still one of the most competitive among the recent launches.
Qingjian Realty is planning to launch another exciting project - JadeScape, formerly the HUDC estate known as Shunfu Ville, this year. Visit the project website below for JadeScape: