Choon Kim House up for collective sale again; owners hope to fetch S$55m

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FREEHOLD property Choon Kim House is being offered for collective sale by tender by its owners for the third time.

The latest tender closes Dec 15, 2021.

In a press statement dated Oct 13, marketing agent ERA Realty said owners of the four-storey mixed-use building believe they “may be able to whet market appetite” at about S$55 million with applicable GST (goods and services tax).

ERA also reported that consent of 87 per cent and 84 per cent by share value and strata area, respectively, was achieved by the collective sale committee as at Oct 15.

Located along Upper Serangoon Road, Choon Kim House sits on a regular land parcel spanning 14,988 square feet (sq ft) and is situated about 800 metres from the Serangoon MRT and bus interchange.

The ground floor and second floor of the building comprise 7 retail units and 13 offices, taking up 15,468 sq ft, while 10 residential apartments occupying 12,669 sq ft are located on the third and fourth storeys.

A total of 25 car parking lots with partially mechanised facilities are offered across two-and-a-half basements.

Citing en bloc lawyer Tan Cheng Kiong of CK Tan Law Corporation, ERA said it is possible for investors wishing to purchase the building to keep it for existing use by not making a redevelopment application.

It also noted that entire buildings have been acquired by single investors from time to time, according to media reports, adding that Choon Kim House is a “bite-sized investment property… with potential sturdy income through a well-diversified tenant mix”.

Choon Kim House was first put up for en bloc sale in April 2018, with expectations for bids to come in at above S$55 million. It was later relaunched for sale in January 2019 with a lower reserve price of S$50 million, but the tender once again closed without a buyer.

source: The Business Times

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