As the New Year brings in new hope to relaunch En Bloc ventures, Choon Kim House of District 19, is among the almost dozen such early birds.
It is a unique, freehold, low density condominium built in 2000 slightly resembling a row of antique shophouses.
The En Bloc tender for this site at 780 Upper Serangoon Road launched in April last year at S$55 million missed to attract investors and developers.
So, over 80% of the owners have agreed to step down the asking price to S$50 million.
Joining with Marketing Agent JLL once again, tender has been relaunched with closing date at January 30, 2019 at 2:30 pm.
The new reserve price for the mixed development works out to psf ppr at S$1,173 against the earlier psf ppr at S$1,287.
This value includes the 10% bonus GFA awaiting approval. So, the value excluding the bonus would be psf ppr at S$1,149.
It comprises of 20 commercial units, 10 residential units and 19 basement car parking on a land area of 14,988 sf.
With 3.0 GPR, it could be redeveloped into a property of 47,661 GFA like the existing mixed development format or with change of use into other formats like boutique hotel, hostel or brand shop, subject to approval.
JLL believes that investors and developers would not overlook such exciting uniqueness this project offers.
Situated within 1 km distance from Serangoon Interchange Station and Kovan MRT Station, the location has all the lifestyle amenities and educational institutions within reach.
These conveniences offer the developer a wide range of choice for redevelopment.
Being a freehold site in a strategic location at a moderate investment, it sure appeals someone who could cash in with a brilliant plan.