Development in Moulmein up for collective sale

Notwithstanding expectations of a quiet en bloc market this year, residents of a freehold Moulmein Road development have put the site up for sale by public tender.

Their price: more than $40 million.

165-165Q Moulmein Road is a walk-up development comprising 16 apartments.

The 16,936 sq ft site has a plot ratio of 1.4. The asking price works out to $1,687 per sq ft per plot ratio.

The site has a potential gross floor area of 23,710 sq ft, which will allow developers to build up to 32 apartment units averaging 800 sq ft.

The development is also near Velocity @ Novena Square, Square 2 and United Square shopping centres, and is also in the neighbourhood of Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), St Joseph's Institution Junior and CHIJ Primary (Toa Payoh).

Last year had brought significantly more en bloc sales of commercial and industrial sites, a trend expected to carry through this year. The preference for residential deals, however, has started to wane.

The tender for this site closes at 3pm on April 2.

Source: Business Times – 20 February 2014