Casa Feliz (Picture: ERA)
SINGAPORE (EDGEPROP) - Casa Feliz, a freehold residential development at 81 Koon Seng Road in District 15 has been launched for collective sale via tender with an indicative price of $23 million. The building is a three-storey walk-up apartment with 12 residential units which is just down the road from the colourful Peranakan Houses that have become an icon of the Joo Chiat area. It is also situated next to East Court, a freehold apartment that was sold to developer Macly Group for $19.875 million last June.
Read also: Freehold apartment East Court sold to Macly Group for $19.9 mil
The apartment sits on a land area of 13,976 sq ft which is zoned for residential use under the Master Plan 2019 with a gross plot ratio of 1.4. Hence, the site could have a maximum gross floor area (GFA) of 19,567 sq ft. Subject to approval by the relevant authorities, a new development could potentially yield 18 residential units with an average size of 1,076 sq ft, notes marketing agent ERA Realty Network.
Map of Casa Feliz. it is located next to East Court, a freehold apartment that was sold to Macly Group last June for $19.9 million (Source: EdgeProp LandLens)
The agency adds that the indicative price translates to a land rate of $1,158 psf per plot ratio after factoring in 7% bonus balcony GFA. An estimated land betterment charge of $1.25 million is payable.
“This is a unique opportunity for developers who are actively looking for high-potential redevelopment sites,” comments Tay Liam Hiap, managing director of investment sales at ERA Singapore. He adds that the site offers “the ideal balance of convenience and tranquillity” given its location away from the city centre as well as the numerous surrounding amenities.
Casa Feliz is located within walking distance of various shops and eateries that line Joo Chiat Road, while nearby shopping malls include I12 Katong, Parkway Parde, KINEX and Paya Lebar Quarter Mall, which are all about a five-minute drive away.
Schools within a 1km radius include Tao Nan School, CHIJ (Katong) Primary, Haig Girls’ School and Tanjong Katong Primary School, while other nearby schools include Kong Hwa School, Maha Bodhi School, St Stephen’s School and Ngee Ann Primary School.
According to ERA, each unit owner at Casa Feliz stands to receive gross sale proceeds ranging between $1.85 million and $2.01 million if the collective sale is successful.
Recent transactions at Casa Feliz (Source: EdgeProp Research)
The tender for Casa Feliz will close on June 22 at 3pm.
Check out the latest listings near Casa Feliz, Tao Nan School, CHIJ (Katong) Primary, Haig Girls’ School, Tanjong Katong Primary School, Kong Hwa School, Maha Bodhi School, St Stephen’s School, Ngee Ann Primary School