PROPERTY firm Colliers International yesterday announced the auction of two residential sites off Mandai Road. Both plots have 999-year leases from Oct 16, 1884. The sites are being sold on a nonvacant basis. This means the buyers will be responsible for vacating the tenants.
The two sites are at 20-28 and 43-56 Meng Suan Road. Each is expected to go for about $250 per sq ft (psf), said Colliers auctioneer Grace Ng.
This means the smaller plot at 20-28 Meng Suan Road, which is 21,066 sq ft, will cost about $5.3 million including a development charge (DC). The site is now occupied by a row of nine single-storey terrace houses.
The larger plot at numbers 43-56, which is 31,043 sq ft, will cost about $7.8 million, also including a DC.
The land is occupied by a row of 14 single-storey terrace houses.
‘The successful buyer can consider developing a row of 10 terrace houses on the smaller plot of land of about 1,938 sq ft each for the inter-terrace units and about 2,583 sq ft each for the corner units,’ said Ms Ng. ‘The larger plot of land can accommodate up to nine similar terrace houses, as well as four other semidetached houses of about 2,583 sq ft each. Given the limited supply of land, freehold and 999-year leasehold, this is a rare opportunity for developers and investors to acquire two huge plots.’ And with the government about to release a 30-hectare site at Mandai for nature-themed attractions, the area will become more vibrant, she said.
The auction will be held on Jan 30 at Amara Hotel.
Source: Business Times 8 Jan 08