Min Yuan Apartments En Bloc to Fragrance Group for $141M

ABOUT THE EN BLOC SALES

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Min Yuan Apartments is comprised of 27 units residence with a 999-year leasehold. This en bloc was launched into tender in 2019. It has a reserved price of $145 million or $2,687 psf ppr. This is after considering the development charge amounting to $19.5 million.

Min Yuan Apartments is one of the two residential en blocs situated along Waterloo area. With the high demand of residential developments in the district, this en bloc was expected to attract a good number of bidders and end in a successful sale.

Upon the tender close in September 3 at 3:00 PM, the en bloc was successfully won by Fragrance Group against other top bidders. With its neighboring property Waterloo Apartments, the developer have an excellent plan in mind. Priced at $141 million and $131.1 million respectively, the properties have a great potential for a new development.

Min Yuan Apartments is zoned as a residential with a gross plot ration of 4.2. The land size which is measured to a good 14,629 square feet is a one of the key features for the successful sale.

 

MIN YUAN APARTMENTS LOCATION

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Min Yuan Apartments is situated in a location that is fairly accessible through various means of public transport as well as major roads. These creates convenience in travel for the residents to and from the property. MRT stations which are just a couple kilometers away are present in the area like Dhoby Ghaut MRT and Bencoolen MRT.

With an array of different schools to choose from, the residents have a better opportunity for their future. Renowned for their exceptional educational services, schools such as St. Margaret’s Primary school, Stamford Primary School and School of the Arts, Singapore are conveniently a few minutes drive only.

With its address in District 7, the advantage of this site is such a huge hit. Within close distance are tourist destinations that will bring excellent opportunity for the future development. Nearing the Orchard Shopping District creates a better chance of high rental yield and tenancy for residential developments.

People love to shop and with malls like Capitol Piazza and Plaza Singapura in the nearby areas, the future occupants of residential properties is going feel more convenient. There are a lot of reasons to take advantage of the location of this development, not to mention the distance it has in the Central Business District (CBD).

 

MODE OF TRANSPORT

• Nicoll Highway
• East Coast Parkway (ECP)
• Dhoby Ghaut MRT
• Bencoolen MRT
• Bugis MRT
• Bras Basah MRT
• Rochor MRT

 

NEARBY AMENITIES

• Sunshine Plaza
• School of the Arts, Singapore
• Capitol Piazza
• St. Margaret’s Primary School
• Plaza Singapura
• Sim Lim Square
• Stamford Primary School

 

POTENTIAL OF THE SITE

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Min Yuan Apartments en bloc sale was a huge luck for Fragrance Group. This property allows the developer to have it redeveloped into a luxurious hotel along with its acquisition of Waterloo Apartments. Combined, these properties offer an excellent huge space ideal for a hotel development.

The potential for a hotel development in this area is great as it is situated in one of the hottest tourist zones of the country. With the Draft Master Plan 2019 already announced, this area will surely be one of the hottest location for tourists not to mention its close distance to the Central Business District.

The permissible gross floor area of the new development can reach up to a maximum size of 61,443 square feet once the necessary authorities have signed. But in order to achieve this, the developer has to submit the needed requirements for approval of rezoning for URA’s Outline Planning Permission.

 

MIN YUAN APARTMENTS NEW CONDO REGISTRATION OF INTEREST

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