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Latest Property Real Estate News - Published on 05/05/2021
SINGAPORE, 5 May 2021 – PropNex, the largest real estate agency in Singapore has today announced that freehold development The Stradia, at 78 Yio Chu Kang Road, will be put up for collective sale for $23.8 million via public tender on 6 May 2021.
The owners’ reserve price of $23.8 million translates to a land rate of $1,060 per square foot per plot ratio (psf ppr), inclusive of the development charge. The mixed-use development currently comprises eight residential units as well as three shops – a childcare centre, a café, and an employment agency - that are located on the ground floor.
Under the Urban Redevelopment Authority's Master Plan 2019, the site which is zoned Commercial and Residential - with a plot ratio of 3.0 - has a land area of 765.7 sqm (approximately 8,242 sq ft). It has a potential total gross floor area (GFA) of 2,297.1 sqm (approximately 24,726 sq ft). In addition, the successful tenderer can make an application to the Singapore Land Authority (SLA) to acquire and amalgamate an adjoining 180.3 sqm (approximately 1,941 sq ft) remnant state land – this would increase the total GFA to 2,838 sqm (approximately 30,548 sq ft), subject to the SLA’s approval.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “We expect the tender to garner interest from both developers, as well as businesses seeking to redevelop the site for commercial use – such as a supermarket, a nursing home, a kindergarten or school, or an animal hospital - subject to change of use approvals from the authorities. The site’s prominent 38-metre frontage on Yio Chu Kang Road, the potential to convert it to a commercial building with naming rights, and ample parking space nearby also make this plot attractive to businesses.”
As this is a mixed-use site, it will offer the successful buyer the flexibility to decide on the amount of GFA that will be allocated for commercial and residential use.
Ms Goh added, “For developers, they also have various options on this site. For instance, the successful buyer can build a mixed development offering residential apartments and commercial units, which could be sold or retained by the developer and leased to businesses to generate a steady rental income. Meanwhile, owner occupiers will likely be keen on the residential units which will be supported by the commercial shops within the development itself as well as eateries around the site.”
The Stradia site is located within an established residential area and just opposite the Serangoon Swimming Complex and Serangoon Stadium. The Nex shopping mall and Serangoon MRT interchange station (Circle Line and North-East Line) are about 850m from the collective sale site. Schools in the vicinity include Zhonghua Primary School, CHIJ Our Lady of Good Counsel, St. Gabriel’s Primary School, and Paya Lebar Methodist Girls’ School.
The collective sale tender will close on 17 June 2021 at 3pm.