JI LIANG Gardens, a freehold residential development located in Marine Parade, will be put up for collective sale on Wednesday via public tender with a reserve price of S$18.6 million.
This translates to a land rate of S$935 per square foot per plot ratio (psf ppr) after factoring the development charges, marketing agent PropNex said on Tuesday. It added that all owners have agreed to sell the plot.
The development, which comprises six dwelling units, sits on a site spanning about 14,289 square feet (sq ft). It is zoned for residential use under the Urban Redevelopment Authority’s Master Plan 2019, has a plot ratio of 1.4 and a total gross floor area of about 20,005 sq ft.
PropNex said the site has the potential to be redeveloped into 18 apartment units with an average size of 1,076 sq ft each.
The development is located at 21 to 21E Lorong K Telok Kurau in District 15. It is near Eunos MRT station, as well as the upcoming Marine Terrace and Marine Parade MRT stations on the Thomson-East Coast Line. Amenities nearby include Parkway Parade mall and East Coast Park.
It is also within one kilometre of Tao Nan School, CHIJ (Katong) Primary and Haig Girls’ School. Other schools in the vicinity include CHIJ Katong Convent, Tanjong Katong Girls’ School, Tanjong Katong Primary School, Ngee Ann Primary School, St. Stephen’s School, St. Patrick’s School, and Victoria Junior College.
PropNex head of investment and collective sales Tracy Goh said developers who prefer to have more certainty to potential buying interest and demand should be attracted to this site, which is rare as there is little or no fresh supply of residential development land in the area.
The tender exercise will close on June 15 at 10.30am.
source: The Business Times