Tai Keng Court put up for collective sale

Court, a freehold residential and commercial development on Jalan Lokam, being the latest.

Consisting of 56 strata apartments and 23 commercial units located in two blocks, the freehold site has an area of 103,798 sq ft, and is zoned 'commercial and residential' with a gross plot ratio of 1.4.

It has an allowable building height of up to five stories.

An adjoining state land of some 4,988 sq ft could potentially be amalgamated, yielding a potential gross floor area (GFA) of up to 152,301 sq ft for the combined site, subject to the relevant authorities' approval, said marketing agent Jones Lang LaSalle.

Some 121 residential units with an average size of 950 sq ft and 30 commercial units of an average 700 sq ft could potentially be built on the site, it added.

The indicative price for the development is $130 million; approximately $1.325 million is payable for the development charge.

Based on a GFA of 145,317 sq ft, this translates to some $903 per square foot per plot ratio (psf ppr).

'The site is conveniently located within an established residential area. The commercial component enables the successful bidder to incorporate retail amenities as well as food and beverage outlets in the new development,' said Quek Soh Hoon, national director and head of commercial, investments at Jones Lang LaSalle.

'Such integrated developments are well received as evident in recent launches such as The Hillier, Watertown @ Punggol and Bedok Residences,' she added.

The site is located near Bartley MRT station, Serangoon MRT and interchange station, NEX Mega Mall and Kovan Heartland Mall.

In addition, schools such as Paya Lebar Methodist Girls' School, Maris Stella High School, St Gabriel's Secondary School, Cedar Primary and Cedar Girls Secondary schools, Stamford American International School and Australian International School are located nearby.

The tender exercise for Tai Keng Court closes on March 21.

Since January, a flurry of collective sales has hit the market.

Residential development Royalville, on Bukit Timah Road, and Ming Arcade, a commercial development off Orchard Road, were put up for collective sale for a second time in January this year, with a reduced asking price.

Jade Towers, located along Lew Lian Vale, too, was launched on the en bloc market. The tenders for these three sites will close this week.

Asia Gardens, an 84- unit condominium development on Everton Road, was launched with an indicative pricing of between $302.6 million and $307.7 million, which translates to about $1,500 to $1,525 psf ppr. The tender for Asia Garden closes on Feb 29.

Meanwhile, two freehold residential sites in Balestier were put up for collective sale by tender earlier this month. The indicative price for both plots translates to $940 psf ppr, based on an indicative pricing of $68 million and $81 million, respectively.

The tenders for the sites close on March 1.

The day after the Balestier sites were put up for collective sale, Crystal Tower, located off Bukit Timah Road, was re-launched for en bloc sale, together with Seletar Garden, which consists of 30 units along Cactus Road.

Crystal Tower, a 28- unit, 11-storey residential development, was offered for about $150 million, which translates to $1,458 psf ppr. When it was first tendered in July last year, the indicative price was $155 million, or $1,600 psf ppr.

Seletar Garden was offered for $80 million to $85 million, which translates to $712 to $751 psf ppr.

The tender exercises for the two projects close on Feb 27 and March 7, respectively.