Five Freehold Developments At Mergui Road To Sell As A Bloc
Owners of five fairly small adjoining freehold residential developments in Mergui Road have banded together to sell the properties as one medium-sized lot for up to $125 million. The properties - Norfolk Court, Mergui Lodge, Northern Mansion, Mergui Court and The Mergui - are located near Rangoon Road and Moulmein Road.
On their own, they are relatively small plots but when combined, along with small pieces of state land in between, they will form a land area of about 93,355 sq ft. This would allow a potential buyer to build a medium-scale condominium of up to 30 storeys and about 200 units.
The sale is managed by Credo Real Estate.
The properties are being put up for sale through an 'expression of interest' exercise, with an indicative price range of $115 million to $125 million. This works out to between $488 per sq ft (psf) and $526 psf of potential gross floor area, including development charges of about $474,000 and a premium for the state land.
Of the five developments, only Mergui Lodge does not yet have the required 80 per cent by share value approval of the owners to sell the development. Mergui Lodge has only 9 units, Northern Mansion and The Mergui have 18 units each, Norfolk Court has 20 units and Mergui Court has 23 units.
On their own, they are relatively small plots but when combined, along with small pieces of state land in between, they will form a land area of about 93,355 sq ft. This would allow a potential buyer to build a medium-scale condominium of up to 30 storeys and about 200 units.
The sale is managed by Credo Real Estate.
The properties are being put up for sale through an 'expression of interest' exercise, with an indicative price range of $115 million to $125 million. This works out to between $488 per sq ft (psf) and $526 psf of potential gross floor area, including development charges of about $474,000 and a premium for the state land.
Of the five developments, only Mergui Lodge does not yet have the required 80 per cent by share value approval of the owners to sell the development. Mergui Lodge has only 9 units, Northern Mansion and The Mergui have 18 units each, Norfolk Court has 20 units and Mergui Court has 23 units.
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