A group of homeowners are hoping to cash in on the property market by launching an en bloc sale.
Toh Tuck Apartment, which is located off Upper Bukit Timah Road, has been put up for sale by tender. The freehold residential site comprises 13 apartment units, each averaging 223 sq m.
With an asking price of $35.5 million, each owner is expected to get an average amount of $2.73 million for their unit. That translates to a plot ration of around $650 psf.
But some property analysts said that given the market’s bullishness, developers may be less likely to consider it for a collective sale.
Mr. Donald Han, managing director of Cushman and Wakefield Singapore, stressed that property developers will prefer acquiring land sites from the government since the sales process is much quicker.
It is because developers do not want to risk getting caught in a possible market correction and be in a situation where the collective sale is long drawn out.
Marketing agent HSR said the final amount that each owner will receive depends on the transacted price.
The 40,449-square-foot site has a total permissible plot ratio of 1.4 and can be developed into a five storey residential apartment.
HSR International added that the site has acquired a 100-percent consensus from the owner, and it can be redeveloped into 75 apartment units.
Tender for the sale will close on 23 April 2010.