SINGAPORE (EDGEPROP) - The owners of a 999-year leasehold development called Jansen Mansions in Kovan have put up their property for sale at a reserve price of $19.8 million. The development will be put up for collective sale in a public tender that is managed by PropNex.

The 12-unit apartment is at 25 Jansen Road in District 19 and 90% of the owners have given their consent to sell the property. The owners previously attempted a collective sale back in 2018 and had priced their development at $22 million then.

Janson Mansions sits on a 16,592.7 sq ft site. The current reserve price of $19.8 million translates to a land rate of $879 psf per plot ratio and is inclusive of the development charge and the 7% bonus balcony space.

“Following the unsuccessful collective sale attempt in 2018, the owners are determined to sell the property this time and have reduced the reserve price. We believe the land rate for the Jansen Mansions plot is very attractive in comparison with the firm land bids that were tabled in public land tenders last year,” says Tracy Goh, head of investment and collective sales at PropNex.

The site has a gross plot ratio of 1.4 under the 2019 Master Plan, and the development has a gross floor area of 23,229.8 sq ft. Including the balcony space, the total gross floor area comes up to 24,855.9 sq ft.

According to Goh, the site's palatable reserve price and good location attributes will be attractive to developers who are looking to replenish their land bank inventory. The redeveloped site would also be ideal as a boutique residential development for locals and HDB upgraders, she says.

“Being located within a mature estate, the Jansen Mansions site is accessible to a wide range of community and recreational facilities. Subject to relevant approvals from the authorities, the successful tenderer will be able to build 21 new residential units on the plot,” says Goh.

The collective sale tender will close on March 23.

Check out the latest listings near Jansen Mansions, District 19