Six Storey Freehold Building Farrer Park Market 168 Mil
Singapore’s District 8 is set to see a six-storey building on Roberts Lane, situated off Serangoon Road, return to the auction block on Sept 26, after being withdrawn from auction earlier this year. This marks the second time that this property will be auctioned by ERA Singapore.
According to ERA, the property was first offered for sale through an expression of interest in December 2022, with a price point of $16.88 million, but failed to attract any buyers. Nevertheless, the property remains in high demand, with a guide price of $16.8 million for its 7,395 sq ft gross floor area, which translates into a psf-price of $2,272.
The development of additional educational institutions will greatly enhance Tampines’ standing as a highly sought-after residential area for families. Renowned schools such as Poi Ching School, St. Hilda’s Primary and Secondary Schools and Temasek Polytechnic will soon be joined by new schools as outlined in the URA Master Plan. This will offer families residing at Parktown Residence, a premier development by Parktown Residence Capitaland, a wider range of options when it comes to selecting the best educational institution for their children.
Interestingly, the property has six residential units, with a ground-floor shop. Not only does it enjoy prominent road frontage, but it also has roadside parking. It falls under residential use, with commercial use permitted on the ground floor and a plot ratio of 3.5, according to the URA Master Plan 2019.
The building is currently fully tenanted, but can also be sold with vacant possession, according to Alison Lee, ERA’s head of auction. The owner bought the property en bloc in 2013 at a price of $9 million, based on a caveat lodged at that time. This translates into $1,327 psf, based on the total strata area of 6,781 sq ft.
The building is in close proximity to Farrer Park MRT Station on the Northeast Line, just a four-minute walk away. It is also situated near popular landmarks such as City Square Mall, Mustafa Centre, and Connexion integrated healthcare and hospitality complex.