Collective sale launch of freehold mixed use site along Upper Serangoon Road
SINGAPORE, 18 April 2018 – Choon Kim House, a four-storey building located along Upper Serangoon Road, is being offered for sale by tender by sole marketing agent, JLL.
Completed in the early 2000's, the freehold four-storey cum attic development consists of 20 commercial units and ten residential units, with 19 basement carpark lots. Under the 2014 Masterplan, the 14,988 sq ft site is zoned 'Commercial and Residential', with a gross plot ratio of 3.0. The site may potentially support a total GFA of 47,661 sq ft (inclusive of the 10 per cent bonus balcony area) or an estimated 35 residential and 22 commercial units assuming a 60:40 mix for the residential and commercial component. Over 90 per cent of the owners consented to the collective sale on the date of the extraordinary general meeting when they approved the collective sales agreement.
Choon Kim House is easily accessible, being 700m away from Serangoon Bus and MRT interchange, by both the Central Expressway (CTE) and Kallang-Paya Lebar Expressway (KPE). Future residents of the development are also able to enjoy the convenience of a wide range of amenities at the nearby Nex megamall as well popular dining enclaves located within the established neighbourhood. In addition, the site is surrounded by reputable primary and secondary schools. Paya Lebar Methodist Girls School is within a 1km radius, while Maris Stella High School, St Gabriel's Primary School, CHIJ Our Lady of Good Counsel and more are within a 2km radius.
"This location is popular amongst families and young couples who appreciate the convenience, ready amenities and one of a kind dining options in the Serangoon area." said Ms. Yong Choon Fah, National Director of Capital Markets at JLL, Singapore. "In addition, Choon Kim House has an excellent 50m front road frontage along the busy Upper Serangoon Road and is relatively well maintained. Investors are able to explore asset enhancement plans to potentially increase the lettable area or convert it to a higher value use," she added.
The property also offers an appealing opportunity for owner occupiers who are looking for a freehold building at a manageable quantum in a central location. For instance, schools and/or institutions looking to house their corporate offices and residential needs under one roof.
The owners are expecting bids in excess of $55 million which reflects a land rate of $1,287 per sq ft per plot ratio (psf ppr) or $1,257 psf ppr after factoring in the 10 per cent bonus balcony for the residential component. The land rate factoring a 10 per cent bonus balcony is inclusive of a development charge payable which is currently estimated to be in the region of $4.9 million.
The tender for Choon Kim House closes on Monday, 21 May 2018, at 2.30 p.m.
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JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com
JLL has over 50 years of experience in Asia Pacific, with over 37,000 employees operating in 96 offices in 16 countries across the region. The firm won 23 awards at the International Property Awards Asia Pacific in 2017 and was named number one real estate investment advisory firm in Asia Pacific for the seventh consecutive year by Real Capital Analytics. www.ap.jll.com