Two sets of properties on the market

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TWO clusters of properties were put up for sale by tender yesterday.

In Balestier, six shophouses and an adjacent land parcel are on offer. A single seller owns the freehold properties, said sole marketing agent Knight Frank.

The shophouses, made up of one three-storey and five two-storey units, have a total land area of 12,038 sq ft and floor area of about 16,000 sq ft.

Next door, a 4,973 sq ft plot facing Tessensohn Road can be redeveloped up to a maximum permissible gross floor area of 14,919 sq ft. It has a gross plot ratio of 3.0, and is zoned for residential and commercial use.

"The site is ideal for redevelopment into a mixed-use development with shops on the ground floor and residential apartments on the upper levels," said Knight Frank head of investment and capital transactions Ian Loh.

He said the plot is next to a state land plot which could be amalgamated by the buyer, subject to the authorities' approval.

The seller expects offers above $21 million for all the shophouses, and above $12 million - or $800 per sq ft (psf) per plot ratio (ppr) - for the land.

Separately, a site on Jalan Haji Salam, off Upper East Coast Road, was put on the market. The 13,514 sq ft freehold site has a pair of two-storey semi-detached houses with a land area of 6,501 sq ft and 7,013 sq ft. Knight Frank said the owners have agreed to sell both properties collectively for an offer above $15 million - about $1,110 psf ppr. Buyers have the option of acquiring the smaller property for over $7.1 million or above $7.9 million for the bigger unit.

"A developer could possibly build up to eight strata terraces or six strata semi-detached houses," said Mr Loh.

The tender for the Balestier properties will close on Dec10, while bids for the the Upper East Coast Road properties must be submitted by Dec12.

ocheryl@sph.com.sg

Source: Straits Times, 14 Nov 2013