Mixed-use sites are hard to come by, and one near an MRT station even rarer. One such site has just come up for collective sale in Serangoon with a $55 million price tag.
$55 million a manageable quantum with rising land prices
With rising land prices following consecutive quarters of booming en bloc statistics, property analysts are expecting bids of over $55 million for the freehold Choon Kim House in Upper Serangoon Road. This manageable quantum has brought it to the forefront as an affordable freehold site.
The 14,988 sq ft site is located at 780 Upper Serangoon road and was built early in the millennium. The 4-storey Choon Kim House consists of 20 commercial units and 10 apartments with 19 parking spaces. The site is zoned for residential and commercial use and has a 3.0 gross plot ratio.
It comes with a $4.9 million development charge and the land rate comes up to be about $1,257 psf ppr after taking that and the 10% bonus balcony for the residential component.
Site suitably located near MRT and bus interchanges and schools
Choon Kim House is located near the Serangoon MRT station and bus interchange, with schools such as Paya Lebar Methodist Girls’, Maris Stella High, St. Gabriel’s Primary and CHIJ Our Lady of Good Counsel nearby.
The area is established as a popular spot with families and young couples. There are many dining and shopping options nearby, including Nex mall. It is also near the Central Expressway (CTE) and Kallang-Paya Lebar Expressway (KPE).
The site can be potentially developed into one with 47,661 sq ft gross floor area inclusive of the 10% bonus balcony area, with up to 35 homes and 22 commercial units.
The industry player is expecting owner-occupiers to take interest in this opportunity as the freehold site comes with a manageable quantum in a central location.