KAI Fook Mansion, a walk-up apartment located at Kim Tian Road, is up for collective sale via public tender with an asking price of S$123 million, said sole marketing agent Huttons Asia on Monday.
This translates to a land rate of S$2,463 per square foot per plot ratio based on an existing total strata area of 49,944 square feet (sq ft).
The 9,999-year leasehold site has a total land area of 15,896 sq ft and an allowable gross plot ratio of 3.0. It is zoned for residential with commercial at the first storey use.
The land plot can be developed into a six-storey building comprising 41 residential apartments with an average size of 915 sq ft each, as well as some 12,500 sq ft of potential commercial space. The commercial space can house a large hyper-mart, food and beverage outlets or co-working spaces, subject to planning approval, Huttons said.
Kai Fook Mansion has close proximity to Singapore’s city centre. It is a three-minute walk to Tiong Bahru MRT station and Tiong Bahru Plaza mall.
Terence Lian, Huttons Group head of investment sales, said the site offers an excellent redevelopment opportunity for developers to create a contemporary masterpiece within the nostalgic and vibrant Tiong Bahru estate.
Angela Lim, Huttons Group deputy head of investment sales, noted: “This highly sought-after expatriate enclave will continue to have high demand for sale and rental, as it is not only a great place to live in, relax and mingle, but also has excellent connectivity to the various parts of Singapore.”
The public tender for Kai Fook Mansion closes on May 19, 12pm.
source: The Straits Times