2 more residential apartments have been put up for en bloc sale. One in the East and the other in the West. But what these 2 properties have in common are their proximities to schools, eateries and shopping amenities.
They both also do not require developers to pay development charges and have land rates of around $1,400 psf ppr.
2 older condominiums going en bloc
The 2 apartments going en bloc are United Mansion in East Coast Road and Landmark Tower in Chin Swee Road. Both are older establishments, the former built in 1968 and the latter in 1985. Both estates were put up for sale on April 9.
United Mansions stands on a freehold site that is part of a larger 3-storey mixed-landed housing zone. Upon approval, the developer can, however, build up to 4 storeys with a gross floor area of 65,975 sq ft. The site can potentially yield 87 apartment units sized at an average of 70 sq m.
The plot has a reserve price of $98 million. There are no development charges for the site, thus the land rate works out to be $1,485 psf ppr.
The condo is situated near Parkway Parade and 112 Katong Mall. There is also a wide range of schools nearby such as CHIJ Katong Convent, Victoria Junior College, and the Global Indian International School. Their marketing agent, Cushman & Wakefield, considers the site suitable for developers looking to build a boutique residential property.
Larger Chin Swee Road site has a reserve price of $285 million
Near Chinatown, the 38-storey Landmark Tower is a 99-year leasehold complex. It has a reserve price of $285 million but it could potentially fetch up to $300 million. As it is not a freehold site, developers will need to top up the lease premium. After factoring that, the unit land rate is approximately $1,400 psf ppr.
The site is just 3- to 5-minute away from Orchard Road by car. The Outram Park and Chinatown MRT stations are a short walk away. River Valley Primary School is also just 1km away.