Collective Sale of Kovan Apartments

03 January 2018

Savills Singapore, as the sole & exclusive marketing agent is pleased to announce for Sale by Tender, a freehold residential redevelopment site along Kovan Road known as Kovan Apartments.

Kovan Apartments is a 4-storey residential development comprising of 16 units completed circa 1995. With a site area of 21,193 sq ft and Masterplan (2014) plot ratio of 1.4, the site can be redeveloped into a boutique development of gross floor area about 29,670 sq ft with 27 units averaging 1,075 sq ft.

The subject land is regular in shape and sited on flat and high ground compared to its neighboring land. Its immediate surroundings are primarily low rise private residences which provides residents the much needed privacy and quiet enjoyment.

“For the new owner or developer, they will be able to develop the site into a brand new 5-storey boutique development with a basement car park and facilities plus beautiful balconies and roof gardens, subject to approvals”, commented Edmund Lee, director of Investment Sales at Savills Singapore.

The asking price is S$33 million excluding an estimated Development Charge (DC) of S$2.57 million as the site is not fully built to its allowable plot ratio.

In its immediate vicinity, there are abundant of amenities all within walking distance. Many eateries and restaurants popular with the locals are located just a short walk away. Directly opposite the estate is Kovan City, comprising Heartland Mall, Kovan Market and Food Centre and a plethora of retail, services and F&B shops. Additionally, there is a good variety of sports and recreational facilities nearby such as Kovan Sports Centre, Serangoon ActiveSG Sports & Swimming Complex and Hougang ActiveSG Sports & Swimming Complex.

Sited within the estate are 2 private international schools; Hillside World Academy and DIMENSIONS International College. Other schools such as PLMGS, Rosyth, Maris Stella, CHIJ (OLCG), Holy Innocents and Serangoon Junior College are in close proximity.

Worth mentioning, is its proximity to the Kovan MRT (NEL) station, approximately 700m away. From there, it is just 1 stop to Serangoon station (Nex Mega Mall) and few stops to Harbour Front station where Vivocity and Sentosa are located. Access to and fro the subject site is especially convenient via the main Upper Serangoon Road, CTE and KPE close by.

Savills expects strong interests from existing and established developers as well as new entrants and wealthy families who may wish to build a multi-generation residence for the family.

Interested parties are invited to participate in the Tender by submitting their bids before closing date, 5 February 2018, Monday 3pm.

 
 

Key Contacts

Edmund Lee

Edmund Lee

Director
Investment

Savills Singapore

(65) 6415 3631