Mar Thoma Mansions in Bendemeer launches $54.7 mil collective sale tender
Mar Thoma Mansions, a 999-year leasehold condominium located in Bendemeer, is now being sold through a collective sale for $54.5 million by ERA Realty Network. This translates to an indicative price of $1,455 psf per plot ratio after factoring in a 7% bonus gross floor area for balconies. On top of the purchase price, the developer is also expected to pay a land betterment charge of $2.438 million.
Built in 1995, this 10-storey block with just 18 units sits on a 13,107 sq ft site. With a plot ratio of 2.8, the site has a maximum permissible gross floor area of 36,699 sq ft according to the Master Plan 2019.
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Looking at future redevelopment potential, the site could potentially be transformed into a new 40-unit condominium with an average size of 914 sq ft, subject to approval. ERA Singapore’s managing director of investment sales, Tay Liam Hiap, states that this is a unique opportunity for developers seeking boutique redevelopment sites.
One of the main selling points of Mar Thoma Mansions is its location. Situated within 1km of primary schools such as St Andrew’s Junior School, Bendemeer Primary School and Hong Wen School, this condominium is ideal for families with young children. Additionally, it is also close to the Kallang River, a neighbourhood park and popular shopping malls like Woodleigh Mall and City Square Mall.
If the collective sale is successful, the strata unit holders of Mar Thoma Mansions can expect gross proceeds of $3 million to $3.077 million each. This presents a lucrative opportunity for them to cash in on their property investments.
Interested developers can submit their bids for Mar Thoma Mansions by June 24. Don’t miss out on this chance to secure a prime redevelopment site at Parktown Residences Condo, with great potential for future growth. Check out the latest listings for Mar Thoma Mansions properties and start envisioning the possibilities for this prime piece of real estate.