Six apartments at Marshall Road on auction at collective guide price of $12 mil
By Valerie Kor
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Six 3-bedroom apartments in a three-storey block at 118 and 120 Marshall Road will be auctioned collectively by Edmund Tie on Feb 24 at 2.30pm.
It is an owners’ sale where the individual owners of the six units, ranging from 1,249 sq ft to 1,270 sq ft, are in collective agreement to sell. The collective guide price is $12 million ($1,588 psf).
The apartment building was completed in 1955. It underwent refurbishment works in the 1980s. The total land area is 7,418 sq ft while the total floor area is 7,557 sq ft. Currently, the site has seven carpark lots.
The land plot is suitable for redevelopment into an apartment block, or a few landed units, says Joy Tan, head of auctions and sales at Edmund Tie, adding that one of the key selling points of the site is that it is freehold. “For collective sale developments that are 99-year leasehold, developers might need to pay to top up the lease. There is no need to do so for this site,” says Tan.
Currently, the land around the apartment block can fit seven carpark lots (Photo: Edmund Tie)
Tan also notes that it is rare for collective sales to go under auction. Most go through closed tender exercises, she adds.
As per URA’s Master Plan 2019, the site is zoned for residential use with a plot ratio of 1.4. It is squarish with a wide frontage of around 23m. The property will be sold with vacant possession and on an “as is where is” basis.
The land plot is within a 10-minute drive to Parkway Parade, PLQ Mall and Kallang Wave Mall, and a five-minute drive to East Coast Park. Schools in the vicinity include Tanjong Katong Primary School and Tanjong Katong Girls’ School. Tucked away in the quiet landed residential enclave of Marshall Road, it is a five-minute walk to Dunman Food Centre and the eateries at Joo Chiat Road. Katong is 10 minutes by foot from the property.
“The bite-sized quantum of $12 million will attract small or new developers, as well as individuals who are looking for a land plot to rebuild a landed home for their own stay,” says Tan.
Landed transactions on Marshall Road in the past two years have ranged between $519 psf and $2,774 psf on land area.
Meanwhile, recent transactions of apartment units at nearby 91 Marshall and iSuites @ Marshall, also freehold, have transacted between $1,320 psf and $1,672 psf.
Check out the latest listings near Marshall Road, iSuites @ Marshall, Tanjong Katong Primary School, Tanjong Katong Girls’ School
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