SINGAPORE (EDGEPROP) - Island View, a freehold condominium on Jalan Mat Jambol in Pasir Panjang, is set to undergo a collective sale tender. The announcement, made in a press release by marketing agent PropNex Realty on Sept 18, reveals that the property will be offered with a reserve price of $575 million. The tender is scheduled to be launched on Sept 19.

The 72-unit development was completed in 1984 and occupies a freehold site spanning 309,543 sq ft, making it the largest freehold condo site in Pasir Panjang, says PropNex. The site is zoned for residential use with a gross plot ratio of 1.4.

A new development on the site can be built up to five storeys and potentially yield 402 new homes, based on an average unit size of 100 sqm or 1,076 sq ft. “In addition, the site faces Singapore’s southern coastline, potentially offering units on higher floors a sea view,” says Laurence Wong, PropNex’s head of collective sales.

Read also: Unit at Island View reaps $3.19 mil profit

---

---

The land rate for the site works out to $1,623 psf per plot ratio after including land betterment charges and the 7% bonus balcony space. Wong adds that the future development on the site will enjoy strong leasing demand from working professionals given its proximity to commercial areas, including Mapletree Business City, Science Park, Alexandra Technopark, one-north, the National University of Singapore and the National University Hospital. It is also within walking distance of Pasir Panjang MRT Station. He expects connectivity to be improved upon completing the Circle Line in 2026.

“Over the longer term, the Pasir Panjang district could stand to benefit from future developments in the area, such as the Greater Southern Waterfront –— a new major gateway for urban living and commercial activities — as well as ongoing rejuvenation of Sentosa and its offerings,” Wong continues.

The collective sale tender for Island View will close on Oct 19 at 2pm.

Check out the latest listings for Island View properties

---