The Jalan Rimau strata landed terraces, known as Long Hua Yuan, are now on the market for collective sale with a reserve price of $58 million. This figure translates to a land rate of $1,368 per square foot per plot ratio, positioning the property as a competitive offering in Singapore’s real estate market.
The property comprises 12 units of three-storey terraces that were constructed in the mid-1980s, nestled within a total site area of approximately 32,436 square feet. The terraces benefit from dual access points, enhancing their appeal for potential developers and investors.
A significant milestone has been achieved, as a 100% consensus from the property owners has been obtained for the tender launch. This unanimous agreement eliminates the need for approval from the Strata Titles Board, streamlining the sale process and paving the way for prospective buyers to engage without regulatory hurdles.
Such consensus is relatively rare in collective sales and signals a strong commitment from the owners, making the property even more attractive to potential investors.
The site is zoned for residential use and boasts a gross plot ratio of 1.4, allowing for the possibility of redevelopment into a boutique residential project. This zoning presents a unique opportunity for developers to create up to 49 apartment units, tapping into the market demand for new housing options.
Given the ongoing trends in urban living, the location and potential for development align well with the preferences of HDB upgraders and young families seeking modern residences in desirable neighborhoods.
Marketing for the tender is being handled by Cushman & Wakefield, a recognized name in real estate services. Their involvement adds a layer of credibility and expertise to the sales process, likely attracting a diverse range of interested parties.
The tender is scheduled to close on June 10 at 3 PM, and with the strong demand for residential properties in the vicinity, it is expected that the collective sale will garner considerable interest.
Long Hua Yuan’s strategic location further enhances its value. Situated in a well-established neighborhood, it offers convenient access to amenities, educational institutions, and transportation links, making it a prime target for families and individuals looking to upgrade their living conditions.
The potential for redevelopment could also contribute positively to the community, providing modern housing solutions that cater to contemporary lifestyles.
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News Source: Edgeprop
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