http://www.businesstimes.com.sg/arch...-sale-20140220

Published February 20, 2014

Development in Moulmein up for collective sale


[SINGAPORE] Notwithstanding expectations of a quiet en bloc market this year, residents of a freehold Moulmein Road development have put the site up for sale by public tender.

Their price: more than $40 million.

CBRE is marketing 165-165Q Moulmein Road, a walk-up development comprising 16 apartments.

The 16,936 sq ft site has a plot ratio of 1.4. The asking price works out to $1,687 per sq ft per plot ratio.

The site has a potential gross floor area of 23,710 sq ft, which will allow developers to build up to 32 apartment units averaging 800 sq ft, said CBRE.

Alan Cheong, the director for research and consultancy at Savills Singapore, thinks the proposed sale of the apartments hits a sweet spot, as it would be harder to get all residents on board in a larger development.

Alex Chow, a manager for investment properties with CBRE, said the location of the site just opposite Novena MRT station weighs in its favour.

The development is also near Velocity @ Novena Square, Square 2 and United Square shopping centres, and is also in the neighbourhood of Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), St Joseph's Institution Junior and CHIJ Primary (Toa Payoh).

Mr Chow also listed the site's freehold tenure and proximity to the upcoming Health City Novena integrated healthcare complex as plus points.

He said: "Singapore's vibrant healthcare and medical tourism industries will continue to drive demand for properties situated near healthcare hubs."

Last year had brought significantly more en bloc sales of commercial and industrial sites, a trend expected to carry through this year. The preference for residential deals, however, has started to wane.

The tender for this site closes at 3pm on April 2.