Six 3 Buildings apartments at Marshall Road on auction at price of $12 mil
SINGAPORE – 6 3-bedroom apartments in a three-storey block at 118 and also 120 Marshall Roadway will certainly be auctioned collectively by Edmund Tie on Feb 24 at 2.30 pm.
It is an owners’ sale where the individual proprietors of the 6 units, ranging from 1,249 sq ft to 1,270 sq ft, remain in cumulative contract to sell. The collective overview cost is $12 million ($1,588 psf).
The apartment building was finished in 1955. It went through refurbishment operations in the 1980s. The complete land area is 7,418 sq ft while the total floor location is 7,557 sq ft. Presently, the website has 7 carpark lots.
The land story appropriates for redevelopment into a home block, or a couple of landed systems, states Delight Tan, head of public auctions and also sales at Edmund Connection, adding that one of the vital marketing points of the website is that it is freehold. “For cumulative sale growths that are 99-year leasehold, developers may require to pay to top up the lease. There is no need to do so for this site,” states Tan.
Tan also keeps in mind that it is rare for cumulative sales to go under public auction. The majority of undergoing closed tender workouts, she adds.
As per URA’s Plan of attack 2019, the site is zoned for property use with a plot proportion of 1.4. It is square with a wide frontage of around 23m. The property will certainly be marketed with vacant belongings and also on an “as is where is” basis.
The land plot is within a 10-minute drive to Parkway Ceremony, PLQ Shopping Mall, and Kallang Wave Shopping Mall, and a five-minute drive to East Shore Park. Colleges around include Tanjong Katong Primary School as well as Tanjong Katong Girls’ College. Tucked away in the silent landed property enclave of Marshall Roadway, it is a five-minute walk to Dunman Food Centre and also the eateries at Joo Chiat Road. Katong is 10 minutes by foot from the property.
“The bite-sized quantum of $12 million will certainly bring in little or brand-new developers, along with individuals that are seeking a land story to rebuild a landed house for their very own keep,” states Tan.
Landed purchases on Marshall Road in the past two years have ranged in between $519 psf as well as $2,774 psf ashore location.
On the other hand, recent purchases of apartment or condo systems at close-by 91 Marshall as well as suites @ Marshall, also freehold, have actually negotiated between $1,320 psf and also $1,672 psf.
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