Telok Blangah House collective sale with a guide price of $92 million
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Telok Blangah House, a mixed-use freehold development located situated at 52 Telok Blangah Road, has been launched for collective sale through public tender at an estimated value of $92 millionwhich is less that the original $98million estimate when it first went up for auction in March.
It is a property comprises a 9-story building which is situated on the freehold site with a total area of 14,841 square feet. It is comprised of the levels for commercial buildings, and five levels of apartments for residential use. The site is classified for residential and commercial use in the new 2019 Master Plan, with an allowed net plot ratio of 3.5. This amounts to a maximum permitted Gross Floor Area (GFA) of 51,943 sq feet.
The guide price is now working into a land rate of $1,744 for each plot (psf ppr) with GFA bonus for balconies, says the exclusive market agent SRI Capital Market. SRI states that a development cost in the range of $2.36 million will be applicable to this bonus GFA only. The estimated price is based upon the site’s permitted gross plot ratio. assuming that 60% from the GFA is intended for residential purposes, and 40% is commercially-oriented.
According to SRI Based upon the split of 60:40 an upcoming mixed-use development could be able to house 34 new housing units and also 20.788 sq feet in commercial spaces.
Telok Blangah House is located on the other side of the road across the road from VivoCity and is approximately 200m to Harbourfront MRT Station on the Circle and North-East Lines. The site is sheltered and has a walkway that connects them to their station.
Low Choon Sin, managing partner of SRI Capital Market, says that the development planned for this site can benefit greatly from expansion of the Greater Southern Waterfront. “The site, which is situated just across Sentosa and will also benefit from the Sentosa Brani Master Plan that aims to steer the transformation of the two islands into a popular destination for tourists in the coming decades,” Low adds.
There are currently 415 condo units currently in an area of 500m from Telok Blangah House as per analysis conducted by EdgeProp LandLens. The most recent condo resales transactions within the region (excluding Telok Blangah Home) indicate units sold with an average price of $1,249 and $1,626 per square foot.
The tender process for public tenders to bid on Telok Blangah House will close on September 13th at 2.30pm.