The Jalan Rimau strata landed terraces, known as Long Hua Yuan, have been put up for collective sale, presenting a unique opportunity for developers. This property, which includes 12 three-storey units constructed in the mid-1980s, is located on a spacious 32,436 square foot site.
With an attractive reserve price set at $58 million, the property offers a competitive land rate of approximately $1,368 per square foot, calculated based on a gross plot ratio of 1.4.
The collective sale stands out due to the unanimous agreement among all the owners, who have collectively decided to launch the property for tender. This unanimous decision eliminates the need for approval from the Strata Titles Board, streamlining the process for potential buyers.
Such full cooperation among the owners is a significant advantage, as it simplifies negotiations and enhances the likelihood of a smooth transaction.
Zoned for residential development, the site holds great promise for redevelopment into a boutique residential project. The potential for transforming the existing terraces into up to 49 apartment units presents an appealing prospect for developers looking to capitalize on the growing demand for housing in the area.
The location, combined with the potential for modern residential units, positions the property as an attractive investment opportunity within a competitive market.
The collective sale’s marketing is being managed by Cushman & Wakefield, a prominent player in the real estate sector, ensuring that the property receives adequate exposure to interested developers. The tender for the sale is set to close on June 10 at 3 pm, creating a time-sensitive opportunity for those looking to invest in this prime piece of real estate.
Given the current market conditions and the appeal of the site, potential developers are likely to view this property as a strategic investment. The combination of a well-situated location and the prospect of developing new residential units aligns well with current trends in urban living, where demand for modern housing continues to rise.
The Jalan Rimau strata landed terraces represent not only a unique collective sale but also a canvas for innovation in residential design. As urban areas evolve, the need for stylish and functional living spaces becomes increasingly important.
This property, with its existing structure and ample land area, provides the perfect foundation for a contemporary residential development that meets the needs of modern residents.
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News Source: Edgeprop
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