Telok Blangah House is up for a relaunch collective sale for only $92 mil
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Telok Blangah House the mixed-use freehold property in 52 Telok Blangah Road, has been put up for sale by public tender at the estimated price of $92 million which is less than the initial estimate of $98 million when it was initially put to auction on March.
It is an property that comprises a nine-story structure that is located on the freehold site covering a total space 1484 square feet. It is made up of levels of commercial buildings as well as five floors of apartment that are suitable for homes. The site is designated as commercial and residential use in the 2019 Master Plan, with an allowed plot ratio net that is 3.5. This will result in a maximum allowed gross floor area (GFA) that is 51,943 square feet.
This guide rate is currently being converted into a land price of $1,744 per lot (psf ppr) including a GFA bonus for balconies according to the market agent who is exclusive to SRI Capital Market. SRI says that a development price within the range of $2.36 million is applicable to the additional GFA and only. The estimated cost is based on the site’s allowed net plot ratio. assuming that 60% from the GFA is intended for residential purposes, and 40% is commercially-oriented.
Based on SRI Based on the split of 60:40 , an coming mixed-use project could be able to house up to 34 new housing units, and 20.788 square feet of commercial space.
Telok Blangah House is located on the opposite part of the highway, across to VivoCity and about 200m from Harbourfront MRT Station on the Circle and North-East Lines. The site is protected and features a walkway connecting the two stations.
Low Choon Sin, the managing Partner at SRI Capital Market, says that the proposed development for this site will greatly benefit from the expansion to the Greater Southern Waterfront. “The site, which is located just across Sentosa and is also expected to benefit of being part of the Sentosa Brani Master Plan that is designed to guide the transformation of the two islands to an attractive destination for tourists over the next few decades,” Low adds.
There are 415 condo units available located in a 500m area from Telok Blangah Home according to an analysis by EdgeProp LandLens. The most recent condo resales in the area (excluding the Telok Blangah home) have units that were sold for an average of $1,249 and $1.626 per square foot.
The process to tender for public tenders for bids on Telok Blangah House will close on September 13th , at 2.30pm.