Verdun House launched for sale at $60 million
Verdun House (source: SRI)
SRI is also marketing the 7,316 sq ft Verdun House, which is making its maiden attempt at a collective sale. The price tag on the mixed-use development is $60 million, translating to $2,100 psf ppr. Located next to Mustafa Centre, Verdun House is zoned for commercial use. It’s also located 400m from the Farrer Park MRT station on the Northeast Line.
The existing mixed-use commercial development has four shops and 12 apartments. Verdun House boasts dual frontages along Verdun Road and Sam Leong Road. The new commercial development could have GFA of 30,728 sq ft, which translates to around 50 units at an average size of 550 sq ft each.
According to Andy Gan, head of investment sales at SRI, the majority owners of Verdun House holding 80% by share value and strata area agreed to the collective sale in one sitting, immediately after their EGM. “It is usually challenging for a mixed-use development to get the 80% consensus due to the difference in types of use,” he notes.
The owners are seeking clarification from the authorities on the development baseline of their development. The tender for Verdun House will close on April 18.
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