Freehold property Cheng Hoe House at Kovan Road up for collective sale
Known as Cheng Hoe House, the freehold property sits on a 22,484.9 sq ft site, with a plot ratio of 1.4 as well as a height limit of up to five storeys.
Photo credits: Teakhwa Real Estate
A group of eight townhouses along Kovan Road has been put up for collective sale for $28 million or $1,082.9 per square foot per plot ratio (psf ppr), inclusive of a $6.1 million development charge, reported the Business Times.
Known as Cheng Hoe House, the freehold property sits on a 22,484.9 sq ft site, with a plot ratio of 1.4 as well as a height limit of up to five storeys. Marketing agent Teakhwa Real Estate noted that the site could yield 29 new apartment units averaging 1,076 sq ft each.
The property at 10 Kovan Road is mostly surrounded by landed and low-rise housing. It is located near Kovan MRT station, Kovan City and Heartland Mall, while nearby schools include Paya Lebar Methodist Primary School and Rosyth School.
Meanwhile, it’s land rate may be lowered further to $1,052.5 psf ppr, if the 10 percent bonus balcony area is taken into account.
“The potential freehold residential development will appeal very much to owner-occupiers and first-time buyers with parents staying close by the estate,” said Teakhwa Real Estate managing director Sieow Teak Hwa.
The tender for Cheng Hoe House closes on 19 September.