The Jalan Rimau strata landed terraces, also known as Long Hua Yuan, are now available for collective sale, presenting a significant opportunity for developers and investors. With a reserve price of $58 million, the sale translates to a land rate of $1,368 per square foot per plot ratio. This pricing reflects the growing demand for residential developments in the area, which is poised for further growth and potential profitability.
Comprising 12 three-storey units built in the mid-1980s, Long Hua Yuan sits on a total site area of 32,436 square feet. The residential development’s age and layout offer a unique opportunity for redevelopment into contemporary living spaces that align with modern buyer preferences.
The collective sale has achieved 100% owners’ consensus, a significant milestone that expedites the tender process by eliminating the need for Strata Titles Board approval. This unanimous agreement demonstrates strong owner interest and confidence in the potential of the site.
The zoning of the property is designated for residential use, with a gross plot ratio of 1.4. This zoning allows for the transformation of the existing structures into a boutique residential project, offering the potential for up to 49 apartment units. Furthermore, the project could benefit from an additional 7% bonus gross floor area, enhancing the overall value and accommodation capacity of the development. Such features make the site particularly attractive to developers looking to capitalize on the increasing demand for housing in urban areas.
Marketing for the collective sale is being managed by Cushman & Wakefield, a reputable firm known for its effective real estate strategies. Their involvement signals a strong interest in the property and suggests that the sale will attract a variety of potential buyers, from individual investors to larger development firms.
With the tender set to close on June 10 at 3 pm, the timeline for interested parties to submit their bids is clearly defined, further emphasizing the urgency to act on this opportunity.
The Jalan Rimau strata landed terraces’ location adds to its appeal, situated in an area that is experiencing growth and development. As urbanization continues and the demand for quality housing rises, properties like Long Hua Yuan are becoming increasingly valuable. The potential for redevelopment into modern residential units aligns with current market trends, making this sale timely and relevant.
NEW CONDO LAUNCH: THE SEN CONDO
Discover the modern living experience at THE SEN CONDO, featuring a variety of units for sale and exceptional amenities.
Explore THE SEN CONDO Floor Plan and pricing options to find your ideal home.
View THE SEN CONDO ShowFlat & Get VVIP Discount.
Register or contact 6100 8822 to book showflat appointment.
News Source: Edgeprop
Images are not actual photos. For illustration purpose only.
