2 more apartment complexes up for collective sale

The rush to sell en bloc shows no signs of abating with two estates put up for sale yesterday – one in East Coast and the other near Pearl’s Hill City Park.

United Mansion has a reserve price of $98 million for the walk-up block in East Coast Road. That is $1,485 per square foot per plot ratio (psf ppr) with no development charges payable.

The freehold site is within a three-storey mixed-landed housing area but it can retain its four-storey height along with its verified gross floor area of 65,975 sq ft, said marketing agent Cushman & Wakefield. The site could yield 87 apartments with an average size of 70 sq m gross floor area, subject to approval, it added.

United Mansion is within walking distance of the Siglap neighbourhood and is near Parkway Parade and the I12 Katong mall. It is also near CHIJ Katong Convent, Victoria Junior College and the Global Indian International School.

Ms Christina Sim, director of capital markets at Cushman & Wakefield, said: “The site will certainly appeal to small and mid-sized developers looking for a boutique residential redevelopment opportunity in the highly sought-after Siglap neighbourhood.”

The tender closes on May 9.

Meanwhile, Landmark Tower in Chin Swee Road is also up for sale, said marketing agent JLL.

The owners have a reserve price of $285 million, but expect the site to fetch in excess of $300 million.

At the reserve price, the unit land rate is about $1,400 psf ppr after factoring in the lease top-up premium. No development charges are payable. The 99-year leasehold complex comprises 139 units in a single 38-storey block. It is a three-to five-minute drive from Orchard Road and about a 10-minute walk from Outram Park and Chinatown MRT stations. River Valley Primary School is about 1km away.

The tender closes on May 17.

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