Freehold development Telok Blangah House was put up for collective sale on 28 March to the tune of S$98 million.
Previously, a collective sale committee (CSC) was formed in 2018 but failed to secure a signing of the collective sale agreement (CSA). This time, according to marketing agent SRI Capital Market, more than 80% of owners (by share value and strata area) gave the green light last month.
Telok Blangah House
Telok Blangah House is located along Telok Blangah Road, with megamall VivoCity situated directly opposite.
Built in 1983, the 9-storey property is a single block mixed-development consisting of 33 commercial units and ten apartments.
With a guide price of S$98 million, it works out to a land rate of around S$1,887 psf ppr. There will be minimal or no development charge payable subject to baseline verification. It is zoned for residential and commercial use and sits on a 14,841 sqft plot with a gross plot ratio (GPR) of 3.5. The project has a maximum permissible GFA of around 51,943 sqft.
Subject to approval from the relevant authorities, a new development has the potential to consist of 34 residential units and around 20,788 sqft of commercial-use lots.
In the past three decades, the residential units in Telok Blangah House have appreciated by a whopping 323.24%, far surpassing the 89.65% growth of Harbourlights (TOP 1997) and Mount Faber Lodge’s 106.78% (TOP 1983).
Great Southern Waterfront Master Plan
The Urban Redevelopment Authority (URA) aims to transform the Greater Southern Waterfront into a major gateway and location for urban living along Singapore’s southern coast.
The project extends from Pasir Panjang to Marina East and includes a continuous waterfront promenade connecting various places of interest along the waterfront.
The new Pasir Panjang Linear Park will link West Coast Park to Labrador Nature Reserve.
With future upgrading developments in the works, the area is poised to be a vibrant hub for residents to live, work and play. In addition, the residential component of mixed-use developments are not subjected to ABSD, making it attractive for developers.
Amenities near Telok Blangah House
Residents of Telok Blangah House are well connected to a plethora of amenities, with the sprawling shopping mall VivoCity sitting just across the road. It is the largest mall in Singapore, housing 340 stores and services.
Fun fact: Forbes recognised VivoCity as one of the top shopping malls in Singapore, which is pretty impressive considering there are more than 171 malls.
Residents can easily access the sandy beaches of Sentosa or have a fun-filled day at Resorts World Sentosa via the Sentosa Express monorail, located on level 3 of VivoCity.
Connected to VivoCity is Harbourfront Centre, a significantly smaller mixed-use development with a handful of retail options and office space, and a ferry terminal.
Seah Im Food Centre offers a selection of tasty yet affordable hawker cuisine for those craving local food.
Schools near Telok Blangah House
There aren’t many schools near Telok Blangah House, which may pose a challenge for parents looking for educational institutions for their children.
Radin Mas Primary school and PCF Radin Mas are within a 1km radius and a 3-minute drive away. Other schools include CHIJ St. Theresa’s Convent (1002m), CHIJ Kellock (1076m) and Blangah Rise Primary school (1980m).
Connectivity
The HarbourFront bus interchange is right beside Seah Im Food Centre, while the HarbourFront MRT station is an eight-minute walk away.
Those who drive will be pleased to know that both the Ayer Rajah Expressway (AYE) and Marina Coastal Expressway (MCE) are accessible within 2-minutes via Keppel Road or the West Coast highway. Driving to the central business district is just ten-minutes away.
The tender for Telok Blangah House closes on May 5 at 3pm.
Would you buy a freehold unit in the new Telok Blangah development? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, check out What factors are necessary for a possible en bloc or collective sale? and High Point up for fourth collective sale.
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The post Collective sale: Telok Blangah House up for S$98m appeared first on 99.co.
