2-24 Phoenix Road revives en bloc bid for $42m

The 5,853.1-sqm property in Bukit Panjang was originally put up for sale on 29 November 2018.

A row of apartments and shops at 2–24 Phoenix Road will be relaunched for sale at an unchanged indicative price of $42m, an announcement by Colliers International revealed.

The property in Bukit Panjang was originally put up for sale on 29 November 2018. Owing to a higher estimated differential premium, the land rate has risen marginally to $621 psf ppr, up from $617 psf ppr in the earlier tender exercise which closed on 17 January.

The Phoenix Road property has a land area of 5,853.1 sqm and sits on elevated grounds with dual frontage and regular land configuration. It comprises 24 apartments and 12 shops spread over two three-storey blocks. The site has a 99-year leasehold tenure with effect from 1 January 1969. It is also zoned residential and has a gross plot ratio (GPR) of 1.4 under the Draft Master Plan 2019.

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“The owners have kept up with the news and know that the collective sale market has been very challenging. That said, we are sincere about putting the property on the market and would like to have another go at it before the Collective Sale Agreement expires later this year,” Vincent Chia, chairman of the collective sale committee, said.

Currently, the 36 units in the property are sized between 83 sqm and 91 sqm. Each owner will stand to receive estimated gross sale proceeds of $1-1.5m upon successful sale of the property.

Subject to relevant approvals, the site can potentially be redeveloped to offer about 80 residential units, with an average size of about 950 sqft each.

According to Steven Tan, director of capital markets & investment services at Colliers International, the site in District 23 presents a good opportunity for the successful tenderer to create an exclusive residential development within an area that has a limited supply of new private housing units.

Data tracked by Colliers Research revealed that District 23 in northwest Singapore has a supply pipeline of 1,831 non-landed residential units from various new projects amongst the lowest upcoming supply compared to other regions. For example, Districts 1–8 in downtown Singapore have a total supply of 14,216 units, whilst Districts 19–20 in northeast Singapore have 8,735 units.

The collective sale tender will close at 3 p.m. on 25 July.