Choon Kim House up for collective sale at over $55m

The Choon Kim House site could accommodate 35 homes and 22 commercial units, assuming a 60:40 mix, JLL said.
Dated: 19-Apr-2018

The collective sale bandwagon rolls on with Freehold Choon Kim House in Upper Serangoon Road the latest to launch itself on the market.

Owners of the four-storey, mixed-use development expect bids above $55 million, said marketing agent JLL yesterday.

That would be a land rate of $1,287 per square foot per plot ratio (psf ppr), or $1,257 psf ppr after factoring in the 10 per cent bonus balcony for the residential component. It also includes an estimated development charge of $4.9 million.

JLL said the location offers an "appealing opportunity for owner-occupiers who are looking for a Freehold building at a manageable quantum in a central location".

Choon Kim House at 780 Upper Serangoon Road was completed in the early 2000s and consists of 20 commercial units and 10 apartments with 19 basement carpark spaces.

The 14,988 sq ft site is zoned commercial and residential, with a gross plot ratio of 3.0.

It could support a total gross floor area of 47,661 sq ft, inclusive of the 10 per cent bonus balcony area. That could accommodate 35 homes and 22 commercial units, assuming a 60:40 mix, JLL said.

Choon Kim House is near the Serangoon bus and MRT interchange and is accessible by the Central Expressway and Kallang-Paya Lebar Expressway. Nex mall as well as schools such as Paya Lebar Methodist Girls', Maris Stella High, St Gabriel's Primary and CHIJ Our Lady of Good Counsel are nearby.

Ms Yong Choon Fah, JLL's national director of capital markets, described the location as popular among "families and young couples who appreciate the convenience, ready amenities and one-of-a-kind dining options in the Serangoon area".

The tender closes at 2.30pm on May 21.

Source: Straits Times