The Jalan Rimau strata landed terraces, known as Long Hua Yuan, have been put on the market for collective sale at a reserve price of $58 million. This property, featuring 12 units of three-storey homes that were built in the mid-1980s, is situated on a total site area of 32,436 square feet. Offering a gross plot ratio of 1.4, the site holds significant potential for redevelopment, allowing for the construction of a boutique residential project with up to 49 apartment units.
With the collective sale receiving 100% consensus from the owners, the process has been streamlined, eliminating the need for approval from the Strata Titles Board. This unanimous agreement among the property owners signifies a strong commitment to the sale and reflects confidence in the property’s market value. The land rate is calculated at $1,368 per square foot based on the reserve price, positioning it competitively within the current real estate market.
The tender for the collective sale is scheduled to close on June 10 at 3 p.m., and marketing efforts are being managed by Cushman & Wakefield. The involvement of such a reputable firm suggests a professional approach to the sale, likely increasing interest from potential buyers. Given the property’s location off Bedok Reservoir Road, it is expected to attract significant attention from HDB upgraders and young families.
The residential zoning and the convenience of nearby amenities further enhance its appeal, making it an attractive option for buyers seeking a family-friendly environment. The existing structures on the site, while dated, are indicative of the rapid development and transformation that the area has undergone over the years.
The potential for redevelopment into modern apartments aligns with the growing trend in urban living, where families are increasingly seeking homes that offer both space and convenience. The location near Bedok Reservoir also adds an element of lifestyle appeal, providing opportunities for outdoor activities and community engagement.
In the broader context of Singapore’s real estate landscape, the Jalan Rimau strata landed terraces represent a strategic investment opportunity. As the demand for residential properties in well-located areas continues to rise, properties like Long Hua Yuan are positioned to meet the needs of a diverse demographic looking for accessible housing options.
As the tender date approaches, the anticipation surrounding the sale is palpable. Prospective buyers are likely to analyze the potential returns on investment, considering the area’s development prospects and the overall market conditions. The collective sale of Long Hua Yuan not only marks a significant moment for the property owners but also highlights the ongoing evolution of Singapore’s residential landscape.
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News Source: Edgeprop
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