Verdun House at Farrer Park Singapore has been sold for $55.1 million to Fragrance Group‘s James Koh, who was the top bidder.
Apartment owners at Verdun House would earn between $2.1 million and $2.8 million at this price, while retail owners will receive between $5.7 million and $7.5 million (Apr 27).
The building, which was built in the 1980s, has cafes and four stores on the ground level and 12 residential units on the higher floors.
The owners of 15 of the 16 strata-titled apartments have agreed to the transaction, which is subject to approval from Strata Titles Board.
On March 23, the development was reintroduced for collective sale. In March 2018, it was also put up for sale, with a target price of $60 million.
The Verdun House enbloc property has a land size of 7,300 square feet and is categorized “commercial” in the 2019 Master Plan of the Urban Redevelopment Authority, with a plot ratio of 4.2. According to Delasa, there will be no development fee if the property is to be redeveloped to its potential gross plot ratio.
The building, which was built in the 1980s, now has cafes and four stores on the ground level and 12 residential on the higher floors.
The land might be rehabilitated for a variety of uses, including co-living operations, commercial school, or a new 6-story retail-cum-office complex.
Verdun House
Verdun House at Farrer Park Singapore has been sold for $55.1 million to Fragrance Group's James Koh, who was the top bidder.
Product SKU: Verdun House
Product Currency: SGD
Product Price: 55100000
Product In-Stock: InStock
