Kai Fook Mansion, a 15,896-square-foot property situated on a 9,999-year leasehold lot, has been placed up for collective sale through public tender by exclusive marketing agency Huttons Asia. The asking price for this property is $123 million.
The property is designated “residential with first-floor commercial” and has a maximum gross plot ratio of 3.0. The property has the potential to be developed into a six-story residential structure with 41 units averaging 915 square feet in size.
It may also include about 12,500 square feet of commercial space, which may contain a hypermarket, food and beverage outlets, or co-working spaces, pending zoning clearance.
Three minutes walk from the location is the Tiong Bahru MRT Station and Tiong Bahru Plaza. The current stratum totals 49,944 square feet.
“The property presents a great redevelopment opportunity for developers to build a modern masterpiece inside the nostalgic and lively Tiong Bahru estate,” says Terence Lian, head of investment sales at Huttons Group.
Tiong Bahru is a popular residential neighborhood for both residents and expats owing to its rich cultural history, eclectic mix of cafés and bookshops, and closeness to the city center.
“It is not only a wonderful location to live, but also offers good connection to the rest of Singapore,” says Angela Lim, Huttons Group’s deputy head of investment sales.
The public tender for the Kai Fook Mansion will conclude at 12 p.m. on May 19.