A row of apartments and shops in Phoenix Road near Bukit Panjang has been sold en bloc for $42.6 million to CNQC Realty (Treasure), a subsidiary of developer Qingjian Realty (South Pacific) Group.
The sale price is above the owners’ asking price of $42 million, and works out to an estimated land rate of $630 per sq ft per plot ratio (psf ppr).
The site is zoned for residential use with a gross plot ratio of 1.4 under the Draft Master Plan 2019 by the Urban Redevelopment Authority.
Subject to relevant approvals, it could be redeveloped to offer about 80 residential units with an average size of about 950 sq ft.
– Jul 30, 2019