Each owner could stand to receive estimated gross sale proceeds of $1.08 million to $1.44 million depending on the size of their units, when the sale is completed. The 36 units in the property are between 83 sq m and 91 sq m.

The property sits on a site of 5,853 sq m, or 63,000 sq ft, at 2/A-B to 24/A-B Phoenix Road.

It comprises 24 apartments and 12 shops in two three-storey blocks, with a 99-year leasehold tenure that started on Jan 1, 1969.

The site is zoned for residential use with a gross plot ratio of 1.4 under the Urban Redevelopment Authority’s Draft Master Plan 2019.

Subject to approvals, it could be redeveloped to offer about 80 residential units, with an average size of about 950 sq ft.

District 23, where the property is located, presents “good opportunities” for residential development owing to the limited upcoming supply of private homes in the area, said Mr Steven Tan, director of capital markets and investment services at Colliers International.

Mr Vincent Chia, chairman of the collective sale committee, said: “We are glad that the ageing property can now be redeveloped and have a brand new look.”

The property is near Phoenix LRT station and an eight-minute walk from Bukit Panjang MRT station and bus interchange.

The amenities in the area include Bukit Panjang Plaza, Hillion Mall and Junction 10, and schools in the area include ITE College West, Pioneer Junior College and Chua Chu Kang Secondary School.

Its collective sale tender was relaunched on June 27 and closed at 3pm last Thursday.

The first attempt, made last November, also carried the same indicative price of $42 million.

The Phoenix Road sale comes after a small District 9 condominium was sold en bloc to a private investor last month.

The five-unit Sophia View became this year’s first residential collective sale in Singapore. Marketing agent SRI declined to reveal the exact price tag, but said each unit will get about $2 million.

News Source: StraitsTimes Singapore, 31 July 2019