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Casa Feliz, an affordable residential development with freehold rights situated at the 81st block of Koon Seng Road in District 15 has been put up to be sold collectively via tender, with an estimated price at $23 million. The property is a three-storey walk-up that has 12 apartments. It is situated just down the road from the vibrant Peranakan Houses that have become iconic in Joo Chiat. Joo Chiat area. It’s also located adjacent to East Court, a freehold apartment that was purchased by developer Macly Group for $19.875 million in June of last year.
The property is situated on land of 13,976 square feet that is designed for residential use as per the Master Plan 2019 with a gross plot ratio of 1.4. This means that the site could be able to accommodate the maximal gross floor space (GFA) that is 19,567 sq feet. In the event of approval from the appropriate authorities the new development could yield up to 18 housing units that have the average size of 1,076 square feet states the market agency ERA Realty Network.
The agency states that this indicative cost converts to a land price of $1,158 per square foot for each plot ratio, after taking into account the 7% Bonus balcony GFA. A land improvement charge to the tune of $1.25 million is due.
“This is an excellent possibility that is ideal for developers who are currently seeking potential development sites,” comments Tay Liam Hiap, the managing director of sales for investments at ERA Singapore. He says the site provides “the perfect harmony of peace and convenience” because of its distance from the city’s centre and the many nearby amenities.
Casa Feliz is close to a number of restaurants and shops that line Joo Chiat Road, while nearby shopping centers are I12 Katong, Parkway Parde, KINEX and Paya Lebar Quarter Mall and Paya Lebar Quarter Mall, which are just a five-minute drive from the property.
Schools within a one-kilometre range comprise Tao Nan School, CHIJ (Katong) Primary, Haig Girls’ School and Tanjong Katong Primary School, as well as other nearby schools like Kong Hwa School, Maha Bodhi School, St Stephen’s School and Ngee Ann Primary School.
According to ERA the unit owners of Casa Feliz stands to receive net proceeds from the sale that range between $1.85 million to $2.01 million if the total success of the sale.
The bid of Casa Feliz will close on June 22 at 3pm.