SINGAPORE (EDGEPROP) - Jansen Mansions, a 999-year leasehold apartment on Jansen Road in Kovan, will be launched for collective sale via public tender on June 2 with a reserve price of $18.9 million.

See also: 999-year leasehold residential site in Kovan going for $18 mil

This is the owners’ third attempt at a collective sale. The previous attempt was made in February last year when the development was put on the market with a reserve price of $19.8 million before it was subsequently reduced to $18.5 million in a tender relaunch in August 2021. Prior to that, the building was launched for collective sale in 2018 priced at $22 million.

More than 80% of the owners of the 12-unit development have given their consent to the collective sale, according to PropNex Realty, which is marketing the property. Based on the reserve price of $18.9 million, this works out to a land rate of $855 psf per plot ratio, inclusive of development charges and factoring in the 7% bonus balcony space.

Jansen Mansions sits on a 16,593 sq ft site that is zoned for residential use with a plot ratio of 1.4. Completed in 1990, it has a total gross floor area of 23,230 sq ft. According to Tracy Goh, head of investment and collective sales at PropNex, the site can be redeveloped into a boutique residential development offering 21 units with an average size of 1,076 sq ft. Such a development is ideal for family offices and developers looking to ride on healthy local demand and sales momentum, she adds.

The collective sale tender will close on June 28 at 2pm.

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