The Jalan Rimau strata landed terraces, known as Long Hua Yuan, are now available for collective sale with a reserve price of $58 million. This valuation translates to a land rate of $1,368 per square foot per plot ratio, positioning the property as an attractive opportunity for interested buyers.
The complex consists of 12 three-storey units that were constructed in the mid-1980s, situated on a total site area of 32,436 square feet. The property benefits from dual access points from Jalan Rimau and Jalan Punai, enhancing its accessibility and appeal.
A significant milestone in the sale process is the achievement of a 100% consensus from the property owners, a prerequisite that eliminates the necessity for approval from the Strata Titles Board. This unanimous agreement streamlines the sale, making it a more attractive proposition for potential investors and developers who seek to avoid the complexities often associated with collective sales.
The property is zoned for residential use, providing promising development opportunities, including the potential for up to 49 apartment units, alongside an additional 7% bonus gross floor area.
The collective sale is being marketed by Cushman & Wakefield, a well-regarded name in the real estate sector, which adds a layer of credibility to the offering. The firm’s involvement is expected to attract serious interest from both local and foreign investors, as well as property developers who are keen to capitalize on the rising demand for residential properties within the area.
The tender for the collective sale is set to close on June 10 at 3 PM, creating a timeframe that encourages prompt decision-making among prospective buyers.
Investors are particularly drawn to properties like Long Hua Yuan due to the potential for redevelopment in a thriving urban environment. The ability to construct new residential units in a strategic location is often viewed as a lucrative investment opportunity, especially given the rising demand for housing in metropolitan areas.
The site’s zoning for residential purposes, combined with the potential for increased gross floor area, further enhances its attractiveness to developers looking to maximize returns on investment.
The Jalan Rimau strata landed terraces represent a unique opportunity in the current real estate market, offering a blend of established value and future development potential.
With its prime location and the unanimous backing of its owners, Long Hua Yuan stands out as a compelling option for those looking to invest in the residential real estate sector.
As the closing date for tenders approaches, it is anticipated that interest will intensify, setting the stage for competitive bidding among serious contenders. The outcome of this collective sale could significantly alter the landscape of the area, contributing to the ongoing transformation of urban residential spaces.
RETAIL & OFFICES SPACE FOR SALE: FORTUNE CENTRE
Fortune Centre offers a prime opportunity for businesses with a total net lettable area of approximately 60,000 sq ft, featuring both retail shops and office units for sale.
With a strategic location and growing market demand, this property is an attractive investment.
View FORTUNE CENTRE Retail Shops and Offices for sale by contacting 6200 6220.
News Source: Edgeprop
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