The existing complex with 18 residential units was built in 1995 and consists of a 10-storey residential block on a 1230 m² plot. (Image: ERA)

Mar Thoma Villasa 999-year leasehold condominium on Mar Thoma Road in Bendemeer, is up for collective sale at a guide price of $54.7 million, with ERA Realty Network as the marketing agent.

The price equates to $1,455 per square foot per lot, taking into account a 7 percent bonus on gross floor area for balconies. In addition to the purchase price, the developer must pay an estimated land development fee of $2.438 million.

Built in 1995, the 10-storey building complex has only 18 residential units on a 1200 m² plot. According to the 2019 master plan, the residential plot has a plot area of ​​2.8, which corresponds to a maximum permissible gross floor area of ​​3,300 m².

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Subject to approval, the site could be redeveloped into a new residential development of 40 units with an average size of 85 sq m. “This is a unique opportunity for developers looking for boutique redevelopment sites,” says Tay Liam Hiap, managing director of investment sales at ERA Singapore.

Mar Thoma Mansions is located within 1 km of several primary schools (EdgeProp Landlens)

According to EdgeProp Landlens, the site is just 1km away from primary schools such as St Andrew’s Junior School, Bendemeer Primary School and Hong Wen School. Mar Thoma Mansions is also close to Kallang River, a neighbourhood park and shopping centres such as Woodleigh Mall and City Square Shopping Center.

If the project is successfully sold, Mar Thoma Mansions condominium owners will each receive gross proceeds of $3 million to $3.077 million.

The call for bids for the collective sale ends on June 24th.

Check out the latest offers for Mar Thoma Villas Characteristics

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