A walk-up apartment in the Novena area has been put up for collective sale by public tender, according to marketing agent CBRE.
The 16-unit development at 165-165Q Moulmein Road (pictured) has a land area of 16,935.9 sq ft and a plot ratio of 1.4.
The gross floor area (GFA) amounts to 26,081 sq ft and the site could be redeveloped into a boutique development of 32 apartment units with an average size of 800 sq ft each.
The owners are looking for offers of more than $40 million, which works out to about $1,598 psf ppr inclusive of the 10 percent bonus GFA for balcony space. No development charge is payable.
The site is within proximity to Novena MRT station, schools, shopping malls, as well as the future Health City Novena. Major roads and expressways such as the CTE and PIE serve residents in the area.
Alex Chow, Manager, Investment Properties at CBRE, said: “Given the excellent Novena location of the site, its freehold tenure and bite-size quantum, we anticipate strong interest from local and foreign developers as well as new entrants to the Singapore real estate market.”
He added: “The location will be extremely popular with owner-occupiers and tenants looking for transportation convenience, close proximity to amenities, medical facilities and highly reputable schools.”
The tender exercise will close on 2 April.
Meanwhile, government data analysed by PropertyGuru shows that en bloc sales of private homes have significantly declined in the last two years.
In 2013, a total of 213 units were the subject of en bloc transactions versus 457 in 2012 and 1,189 in 2011.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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