Freehold residential building on Haig Road sold to Nanshan Group for $49.3 mil in collective sale
/ EdgeProp Singapore |
The transacted price translates to a land rate of $1,286 per sq ft per plot ratio (Photo: Colliers)
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SINGAPORE (EDGEPROP) - A freehold residential site comprising 24 flats at 173 – 183 Haig Road (Odd Nos.) has been sold via a tender process with the winning bid of $49.3 million made by Nanshan Group. The sale price translates to a land rate of $1,286 per sq ft per plot ratio, according to Colliers, who brokered the deal.
The sale price is also 2.7% higher than the site's asking price of $48 million when it was launched for collective sale on March 3. The tender for the site closed on April 7.
Map and overview of 173 Haig Road (Source: EdgeProp LandLens)
According to John Bin, director, capital markets and investment service, Singapore at Colliers, the site garnered a lot of interest as it is a unique enclave that is conveniently located.
The property is a four-storey residential building comprising 24 apartment units that sits on 27,389 sq ft site area. Under the Master Plan 2019, the site is zoned for residential use with a gross plot ratio of 1.4. According to Colliers, no development charge is payable to redevelop the site.
The regular-shaped redevelopment site is a corner plot that enjoys dual frontage on both Haig Road and Seraya Lane. It is in the same locality as numerous top schools and is in close proximity to premium lifestyle amenities at Katong Shopping Centre, I12 Katong and Paya Lebar Commercial Hub.
The site is served by major roads and expressways including Mountbatten Road, Tanjong Katong Road, Kallang-Paya Lebar Expressway (KPE) and East Coast Parkway (ECP).
The owners of 173 – 183 Haig Road (Odd Nos.) are represented by Alan Tan from Wee Swee Teow LLP who advised on the collective sale process. The sale of the property remains subject to the Strata Titles Board’s approval.
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