Ravi Chandran
Phoenix Road apartments and shops, is sited on elevated grounds with dual frontage – stone’s throw from the Bukit Panjang Integrated Transport Hub, with limited upcoming supply in the area
Colliers International announced on June 26 that it will relaunch the collective sale tender for a row of apartments and shops at 2 – 24 Phoenix Road on 27 June 2019.
The Phoenix Road apartments and shops was originally put up for sale on 29 November 2018 for an indicative price of SGD42 million. The price will remain unchanged in the upcoming tender relaunch. Owing to a higher estimated differential premium, the land rate has risen marginally to SGD621 per square foot per plot ratio (psf ppr) – up from SGD617 psf ppr in the earlier tender exercise (which closed on 17 January 2019).
The Phoenix Road apartments and shops has a land area of 5,853.1 square metre (approximately 63,002 square feet) and sits on elevated grounds with dual frontage and regular land configuration. It comprises 24 apartments and 12 shops spread over two three-storey blocks. The site has a 99-year leasehold tenure with effect from 1 January 1969.
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Mr. Steven Tan, Director of Capital Markets & Investment Services, Colliers International, said, “We’ve received enquiries about the site previously and expect it to continue to attract interest, given its favourable location near key transport nodes, pristine nature reserve and a wide range of amenities, as well as its boutique-sized plot and palatable quantum. This site – in District 23 – presents a good opportunity for the successful tenderer to create an exclusive residential development within an area that has a limited supply of new private housing units.”
According to data tracked by Colliers Research, District 23 in north-west Singapore has a supply pipeline of 1,831 non-landed residential units from various new projects – among the lowest upcoming supply compared to other regions. For example, Districts 1 – 8 in downtown Singapore have a total supply of 14,216 units; Districts 19 – 20 in north-east Singapore have 8,735 units; prime Districts 9 – 11 have 7,580 units; while Districts 12- 14 in the city fringe have a supply of 6,368 units.
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Mr. Tan added, “As this site is well-sized, we think the developer should be able to build and sell all units within the stipulated 5-year Additional Buyer’s Stamp Duty timeframe. The future development could likely appeal to diverse groups of home buyers in view of its good location attributes. Subject to relevant approvals, the site can potentially be redeveloped to offer about 80 residential units, with an average size of about 950 sq ft each.”
Apart from being well-served by major roads, the Phoenix Road site also enjoys excellent accessibility with the Phoenix LRT station at its door step and the Bukit Panjang MRT station and bus interchange just minutes’ walk away. Notably, Phoenix LRT station is just three stations from the Choa Chu Kang MRT station, which will be one of three interchange stations of the upcoming Jurong Region Line (JRL). The JRL – which is slated to open progressively from 2026 onwards – will be linked to the North-South Line and East-West Line, further improving connectivity.
Future residents can also look forward to a myriad of amenities in the area, including Bukit Panjang Plaza, Hillion Mall, Junction 10, HillV2, as well as schools such as ITE College West, Pioneer Junior College, Choa Chu Kang Secondary, Teck Whye Secondary, and West View Primary.
The site of the Phoenix Road apartments and shops is zoned Residential and has a Gross Plot Ratio (GPR) of 1.4 under the Draft Master Plan 2019.
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Mr. Vincent Chia, Chairman of the Collective Sale Committee, said, “The owners have kept up with the news and know that the collective sale market has been very challenging. That said, we are sincere about putting the property on the market and would like to have another go at it before the Collective Sale Agreement expires later this year. Given the age of the property, we feel that it is ripe for redevelopment, which will breathe new life to the area.”
Currently, the 36 units in the property are sized between 83 sq m and 91 sq m (approximately 893 sq ft and 980 sq ft). Each owner will stand to receive an estimated gross sale proceed of SGD1.0 million to SGD1.5 million upon successful sale of the property.
The collective sale tender of Phoenix Road apartments and shops will close at 3pm on 25 July 2019.
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