The owners of a vacant site and eight freehold strata-titled commercial units located at Thomson Village have collaborated to sell their properties through a bid, with an asking price of $24 million. The properties have a total site area of 13,387 sq ft.
The vacant site is zoned for commercial use under the 2008 Master Plan. “The plot ratio is not indicated but the site is under a streetblock plan, which means the potential developer will have to follow an envelope control guideline for the area set by the Urban Redevelopment Authority. The properties could be redeveloped into a low-rise specialty retail mall,” stated Galven Tan, CB Richard Ellis assistant manager for investment properties. CB Richard Ellis is the one marketing the site.
“Depending on the design of a new development, a 2.8 plot ratio could be achieved,” Mr. Tan said. Assuming the said plot ratio (the ratio of maximum gross floor area to land area), it is estimated that the development charge (DC) is about $5 million which will be payable to the state. The selling price of $24 million works out to around $774 psf per plot ratio, including the DC.
The owners of the properties have already signed a collective sale agreement, exempting the sale from being subject to an application to the Strata Titles Board. The bid will close on November 25.
Meanwhile, five properties were sold at an auction made by Colliers International yesterday. The properties include two freehold landed houses on Lowland Road and Jalan Taman, two shop units at Golden Landmark and Sim Lim Square, and an apartment at The Horizon on Holt Road.
The 538 sq ft unit at Sim Lim Square was purchased by a private investor for $3.75 million, while the 355 sq ft corner shop at Golden Landmark was bought at $1,028 psf or a total of $365,000.
On the other hand, the freehold apartment at The Horizon was purchased at $1.8 million or $1,154 psf. The two-storey freehold house at Jalan Taman was sold for $1.25 million or $630 psf of land area, while the three-storey six-bedroom house at Lowland Road was sold to a former Chinese national for $1.72 million or $636 psf of land area.