Mar Thoma Mansions in Bendemeer launches $54.7 mil collective sale tender
in SingaporeMar Thoma Mansions located along Mar Thoma Road in Bendemeer, is a 999-year leasehold condominium that is up for collective sale at an indicative price of $54.7 million.ERA Realty Network is the marketing agent for this project. The price per plot ratio after factoring in a 7% bonus gross floor area for balconies is estimated to be $1,455 psf. Along with the purchase price, the developer will also have to pay an estimated land betterment charge of $2.438 million.
This existing 10-storey block was built in 1995 and is situated on a 13,107 sq ft site. According to the Master Plan 2019, the residential site has a plot ratio of 2.8. This translates to a maximum permissible gross floor area of 36,699 sq ft. This site is zoned for residential use, making it an ideal location for a new 40-unit condominium. The average size of these units would be 914 sq ft, subject to approval by the relevant authorities.
“This is a unique opportunity for developers looking for boutique redevelopment sites,” says Tay Liam Hiap, ERA Singapore’s managing director of investment sales. This is because Mar Thoma Mansions is a niche development with only 18 units and a relatively small plot size. The developer will have the flexibility to design and build a project that meets the demands of today’s homebuyers.
Residents can also look forward to a wide array of recreational facilities within Novo Place Plantation Close EC, such as a swimming pool, tennis courts, and a gymnasium, making it easy to maintain an active and healthy lifestyle. With its prime location and carefully crafted facilities, Novo Place Plantation Close EC elevates the concept of modern living in a serene and thriving environment.
‘Novo Place Plantation Close EC’ is the newest residential development that boasts a strategic location surrounded by various shopping and dining options. These amenities not only add convenience to the residents’ daily lives but also elevate their living experience. From luxury malls to local eateries and peaceful nature spots, Novo Place Plantation Close EC offers a well-rounded lifestyle that caters to everyone’s preferences. Aside from its prime location, residents also have access to top-notch recreational facilities within the development like a swimming pool, tennis courts, and a gymnasium. These amenities encourage an active and healthy lifestyle, making Novo Place Plantation Close EC not just a place to live, but a vibrant community to be a part of. With its carefully crafted facilities and ideal location, Novo Place Plantation Close EC sets a new standard for modern living in a serene and thriving environment.
Mar Thoma Mansions is situated within 1km of several primary schools such as St Andrew’s Junior School, Bendemeer Primary School, and Hong Wen School. This is a highly desirable location for families with young children. In addition, the development is in close proximity to the Kallang River, a neighbourhood park, and popular shopping malls such as Woodleigh Mall and City Square Mall.
If the collective sale is successfully sold, the strata unit holders of Mar Thoma Mansions will receive gross proceeds of $3 million to $3.077 million each. This is a significant sum of money that they can use to upgrade to a larger home or reinvest in other properties.
The tender for the collective sale will close on June 24. This presents an excellent opportunity for developers to acquire an attractive site with potential for a high-end development. Interested parties can check out the latest listings for Mar Thoma Mansions properties in Singapore. This project presents a rare chance to tap into the growing demand for premium residential properties in the Novo Place and Plantation Close EC area.