Telok Blangah House has been put up for collective sale at a guide price of $98 million (Photo: The Edge Singapore)
SINGAPORE (EDGEPROP) - Telok Blangah House, a mixed-use development at 52 Telok Blangah Road, has been put up for collective sale via public tender with a guide price of $98 million.
See also: Lakeside Apartments in Jurong West up for en bloc sale at $240 mil
The property is a nine-storey development that sits on a freehold site measuring 14,841 sq ft. It comprises four levels of commercial units and five levels of residential apartments. The site is zoned for commercial and residential use under the 2019 Master Plan, with an allowable gross plot ratio of 3.5. This translates to a maximum permissible gross floor area (GFA) of around 51,943 sq ft.
Map and overview of Telok Blangah House (Source: EdgeProp LandLens)
SRI, which is the appointed marketing agent for the property, says the guide price works out to a land rate of about $1,887 psf per plot ratio (psf ppr), with minimal or no development charge payable, subject to baseline verification. The guide price, which is based on the site’s allowable gross plot ratio, assumes 60% of the GFA is for residential use and 40% for commercial use.
Based on the 60:40 split, a new mixed-use development could potentially house 34 new residential units with an average size of 917 sq ft per unit, as well as 20,788 sq ft of commercial space. (Find Singapore commercial properties with our commercial directory)
Telok Blangah House is located in District 4, directly across from VivoCity. The site has a sheltered walkway linking it to the Harbourfront MRT Station, about 200m away. Other amenities in the neighbourhood include Mount Faber Park, Seah Im Food Centre, Harbourfront Centre, Marina at Keppel Bay, Resort World Sentosa and Universal Studios Singapore.
Low Choon Sin, managing partner at SRI Capital Market, says the site will benefit from the rising development in the area, in line with the Greater Southern Waterfront (GSW) master plan. “Apart from the conventional redevelopment, the site may potentially be positioned to be redeveloped into a single integrated boutique development comprising both co-living and co-working spaces.”
The public tender exercise for Telok Blangah House will close on May 5 at 3pm.
Recent private housing sales transactions within a 500m radius of Telok Blangah House (Source: EdgeProp LandLens)
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