A FREEHOLD residential property in Mount Emily Road has been launched for sale by tender at a guide price of S$24 million, sole marketing agent Edmund Tie & Company said on Monday.
The indicative price translates to about S$1,485 per square foot on the existing gross floor area (GFA). All the owners have given consent for the collective sale.
Located at 2, 4 and 6 Mount Emily Road, the property comprises adjoining units of three-storey buildings with basement and attic. It sits on a total site area of 515.5 square metres (sq m), with an existing GFA of 1,499.3 sq m.
Under the Urban Redevelopment Authority’s Master Plan 2019, the property is zoned for residential use with a plot ratio of 2.1.
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It is within the Mount Sophia secondary-settlement conservation area and about 200 metres from Little India MRT interchange, which serves the Downtown and North East MRT lines.
Situated near Mount Emily Park, the property is near the central business district and Orchard Road.
Swee Shou Fern, executive director of investment advisory at Edmund Tie & Co, said the property presents an opportunity to transform a “well-located property to a boutique residential development”, which can be subdivided into strata-titled apartments for sale.
She added: “The astute investor can also explore keeping the property as a single residential block for co-living residences (subject to planning approval), which are fast gaining popularity among millennials and expatriates. The 100-per-cent owners’ consent offers certainty in the deal completion timeline.”
The tender exercise for the property closes at 3pm on Aug 11.