Collective sale of Hong Heng Mansions launched at $133 mil

and more on EdgeProp.sgHong Heng Mansions, a freehold condominium located along Sembawang Road, has announced the launch of its public tender with a reserve price of $133 million. ERA Realty Network, the marketing agency for the condo, made the announcement in a press release.

Sitting on a 78,644 sq ft plot, the reserve price of $133 million translates to a land rate of approximately $1,208 psf per plot ratio (ppr). This sum excludes the land betterment charge. According to the latest Master Plan, the site is zoned “residential with commercial at 1st storey” with a maximum four-storey building height control and a gross plot ratio of 1.4.

The location of the development is a major advantage as it is right beside Springleaf landed housing estate and Springleaf Nature Park, as well as being in close proximity to lifestyle amenities such as Orchid Country Club, Wisteria Mall, Sembawang Shopping Centre, Sun Plaza, Canberra Plaza and Thomson Plaza.

What’s more, the development is just 500m from Springleaf MRT Station on the Thomson-East Coast Line.

Jeremy Rikas Chiu, group division director at ERA agents, and Allen Loo, division director, believe the potential of the site to be redeveloped into a new mixed-use development will be sure to attract local and overseas developers, due to its attractive location and competitive reserve price.

At the reserve price of $133 million, EdgeProp’s Landlens tool indicates a potential selling price of around $2,160 psf, upon redevelopment of the site.

Not only is Hong Heng Mansions well connected to amenities, nearby educational facilities such as Peiying Primary School, North View Primary School, Naval Base Secondary School, Orchid Park Secondary School, and Chung Cheng High School (Yishun) are also within a 2km radius.

The public tender for the collective sale of Hong Heng Mansions closes on April 18. With the reserve price at $133 million, it’s likely the site will be highly sought after given its attractive attributes.

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