A row of 24 walk-up apartments and 12 shops near Bukit Panjang have been sold for $42.6 million in its second en bloc attempt.
Phoenix road site could yield 80 residential units
The buyer, CNQC Realty (Treasure), has offered a price that is higher than the original asking price of $42 million and hence the estimated land rate works out to be $630 psf ppr including the differential premium payable.
The 63,000 sq ft site spans 2/A-B to 24/A-B Phoenix road near Bukit Panjang.
Each owner of the 36 units sold will receive between $1.08 million to $1.44 million depending on the size of their units.
Each unit is sized between 83 sq m and 91 sq m.
The site is located near the Phoenix LRT station which connects to MRT stations such as Choa Chu Kang or Bukit Panjang. The last is also just a 8-minute walk away.
It is zoned for residential use with a gross plot ratio of 1.4 and could potentially yield 80 new homes with an average size of 950 sq ft each.
District 23 offers opportunities for residential development
The district in which the Phoenix road site stands is growing in popularity amongst young families and expatriates.
There are a range of amenities nearby such as Bukit Panjang Plaza, Hillion Mall, Junction 10 and schools such as ITE College West, Pioneer Junior College and Chua Chu Kang Secondary School.
District 23 which consists of Choa Chu Kang, Diary Farm, Hillview, Bukit Panjang and Bukit Batok is also becoming more accessible with the downtown line and the LRT system.
There is a limited supply of private homes in the area which could mean ample opportunities for the development of new residential projects here.