Collective sale of Hong Heng Mansions launched at $133 mil

on EdgeProp.sg
Hong Heng Mansions, a freehold condominium, located on Sembawang Road, has launched a public tender of its collective sale with a reserve price of $133 million, announced in a press release by ERA Realty Network, the marketing agency for the condo. Located on a 78,644 sq ft plot, the Senja Close EC reserve price translates to a land rate of about $1,208 psf per plot ratio (ppr), excluding the land betterment charge.

Under the latest Master Plan, the site is zoned “residential with commercial at 1st storey” with a gross plot ratio of 1.4, and has a maximum four-storey building height control. Nearby locations include Springleaf landed housing estate and Springleaf Nature Park, as well as Orchid Country Club, Wisteria Mall, Sembawang Shopping Centre, Sun Plaza, Canberra Plaza, Thomson Plaza and Springleaf MRT Station, which is about 500m away.

ERA agents Jeremy Rikas Chiu, group division director, and Allen Loo, division director, believe the site will attract developers because of its potential to be redeveloped into a new mixed-use development. They add: “This rare site along the Sembawang Road area is expected to evoke strong interest from local and overseas developers due to its appealing location and competitive reserve price.”

EdgeProp’s Landlens tool estimates that if the Hong Heng Mansions is sold at $133 mil, the new development could see an approximate selling price of $2,160 psf.

The tender for the collective sale of Hong Heng Mansions closes on April 18 and several nearby schools, such as Peiying Primary School (2km radius), North View Primary School, Naval Base Secondary School, Orchid Park Secondary School, and Chung Cheng High School (Yishun) are located close by.

Those interested can stay updated with the latest news related to En Bloc Singapore, en bloc potential, listings and sales for 2023 and can check out the latest listings near the Hong Heng Mansions on EdgeProp.sg.