Long Hua Yuan, a freehold residential development on Jalan Rimau, off Bedok Reservoir Road in District 14, has been launched for collective sale with a reserve price of $58 million. The development comprises a row of 12 units of three-storey strata landed terraces built in the mid-1980s.
A map showing the location of Long Hua Yuan (Picture: EdgeProp LandLens)
Marketing agent Cushman & Wakefield says 100% of the owners’ consensus was secured for the tender launch. “With unanimous consent from all subsidiary proprietors, there is certainty of sale, as the deal will not require approval from the Strata Titles Board,” adds Annalyn Ooi, director of capital markets at Cushman & Wakefield.
The terraces occupy a 32,436 sq ft site with dual access along Jalan Rimau and Jalan Punai. Zoned for residential use, the land has a gross plot ratio of 1.4, translating to a maximum gross floor area (GFA) of about 45,410 sq ft. Subject to approval from relevant authorities, it has the potential to be developed into a boutique residential project with up to 49 apartment units, according to Cushman & Wakefield.
The agency adds that the reserve price of $58 million translates to a land rate of $1,368 psf per plot ratio, inclusive of the land betterment charge and an additional 7% bonus GFA.
“This site offers an excellent opportunity for small and mid-size developers to build an exclusive suburban boutique residential project with strong demand from nearby HDB upgraders and young families looking to buy homes closer to their parents,” remarks Cushman & Wakefield’s Ooi.
The tender will close on June 10 at 3pm.
