Owners of the 32-unit Phoenix Heights in Bukit Panjang are preparing to launch a collective sale for the 48-year old condominium, says marketing agent Anna Tan, senior division director at ERA Realty Network. The property will be launched for collective sale on June 7 and the tender will close on July 10.
The 99-year leasehold condo sits on a 42,764 sq ft site whose lease began in January 1969. The development has a $36 million asking price, which translates to a land rate of about $668 psf per plot ratio (ppr), including the 10% bonus balcony space and premiums payable to top-up up the lease. Under the 2014 Master Plan, the site is zoned for residential use and has a plot ratio of 1.4.
(Pictures: Anna Tan, ERA Realty)
Located at 71-85 (Odd Nos.) Phoenix Avenue in District 23, Phoenix Heights is close to the 99-year leasehold strata landed development Nicon Gardens, which was launched for collective sale in March. It had a $110 million asking price ($800 psf ppr) but the tender closed on April 18, it has now gone into private treaty sale.
Another development in private treaty sale is the 14-unit Teck Guan Ville. The freehold condo on Upper East Coast Road launched for collective sale with a land rate of $1,075 psf ppr, including the 10% balcony space. Its private treaty sale will end on June 6.
Teck Guan Ville