En bloc sale of Choon Kim House in Upper Serangoon Road launched at $55m

It can support 35 residential and 22 commercial units, assuming it gets a 60:40 mix.

Choon Kim House, a four-storey building located along Upper Serangoon Road, is being offered for sale by tender at an asking price of $55m or $1,257 psf ppr (with balcony), JLL announced. 

According to a press release, the freehold four-storey cum attic development consists of 20 commercial units and ten residential units, with 19 basement carpark lots. Under the 2014 Masterplan, the 14,988 sq ft site is zoned 'Commercial and Residential', with a gross plot ratio of 3.0. The site may potentially support  35 residential and 22 commercial units assuming a 60:40 mix for the residential and commercial component.

JLL noted that over 90% of the owners consented to the collective sale on the date of the extraordinary general meeting when they approved the collective sales agreement.

Choon Kim House is easily accessible, being 700m away from Serangoon Bus and MRT interchange, by both the Central Expressway (CTE) and Kallang-Paya Lebar Expressway (KPE). Paya Lebar Methodist Girls School is within a 1km radius, whilst Maris Stella High School, St Gabriel's Primary School, CHIJ Our Lady of Good Counsel and more are within a 2km radius.

JLL Singapore national director of capital markets Yong Choon Fah noted that the property also offers an opportunity for owner-occupiers looking for a freehold building in a central location. "For instance, schools and/or institutions looking to house their corporate offices and residential needs under one roof," she added.

The tender for Choon Kim House closes on Monday, 21 May 2018, at 2:30 p.m.