By Michelle Zhu
source: The Business Times
A FREEHOLD residential block located at 2, 4 and 6 Mount Emily Road has been relaunched for collective sale by tender by Edmund Tie & Company with a guide price of $18 million.
This is down 25 per cent from the $24 million guide price during its initial launch in June 2020.
This translates to about of $1,115 per square foot (psf) on the existing gross floor area (GFA) as opposed to $1,485 psf previously.
In an updated press statement on Monday, the agent’s executive director of investment advisory, Swee Shou Fern, said the new indicative price “compares favourably” to the recently transacted collective sale of Fairhaven and Sophia View at a combined land price of $1,158 per plot ratio (ppr) and collective sale of Casa Sophia at $1,120 ppr.
“Due to the high existing GFA, no development charge is payable,” she said.
“With an affordable bite-size quantum, the properties at 2, 4 and 6 Mount Emily Road present an exceptional opportunity for one to transform this well-located property into a boutique residential development for future sale of strata subdivided units.”
The tender exercise opens on Tuesday and closes at 3pm on Feb 25, 2021. All owners have given consent for the collective sale of the property, which comprises adjoining units of three-storey buildings with basement and attic.
It sits on a total site area of 515.5 square metres (sq m), with an existing GFA of 1,499.3 sqm.
Under the Urban Redevelopment Authority’s Master Plan 2019, the property is zoned for residential use with a plot ratio of 2.1.
The property is situated near Mount Emily Park, the central business district and Orchard Road.
It is within the Mount Sophia secondary-settlement conservation area and about 200 m from Little India Mass Rapid Transit (MRT) interchange, which serves the Downtown and North East MRT lines.