Kovan's Jansen Mansion in second en bloc attempt, reserve price lowered to S$19.8m

THE owners of 999-year leasehold condominium Jansen Mansion are making a second attempt at a collective sale on Thursday, this time at a lowered reserve price of S$19.8 million from S$22 million in 2018.

The new reserve price translates to a land rate of S$879 per square foot per plot ratio, inclusive of development charge and 7 per cent bonus balcony space.

Located in the Kovan area, the 12-unit Jansen Mansion sits on a land plot spanning about 16,592.7 square feet (sq ft). Its 999-year leasehold tenure started from Sept 1, 1876.

The site is zoned for residential use with a plot ratio of 1.4 under the Urban Redevelopment Authority's Master Plan 2019. Its gross floor area is about 23,229.8 sq ft, or a total of 24,855.9 sq ft inclusive of bonus balcony space.

Tracy Goh, PropNex's head of investment and collective sales, said subject to relevant approvals, the successful tenderer will be able to build 21 new residential units on the plot.

PropNex believes Jansen Mansion's land rate is "very attractive" compared to the firm land bids tabled in public land tenders in 2020, she noted.

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"Given the site's bite-sized quantum and good location attributes, we expect to see healthy interest from developers and new entrants who are looking to replenish land inventory as well as create a boutique housing development that will appeal to local buyers, including HDB upgraders," Ms Goh said.

The property is well-served by Kovan MRT station and has access to the Central Expressway, Pan Island Expressway and the Kallang-Paya Lebar Expressway.

Amenities and eateries nearby include Heartland Mall, NEX shopping mall, Chomp Chomp Food Centre, as well as Serangoon Stadium.

Schools in the vicinity include Zhonghua Primary School, Yangzheng Primary School, Rosyth School, St Gabriel's Primary School, Nanyang Junior College, Hillside World Academy, Australian International School in Singapore and the International French School.

The collective sale tender will close on March 23, 3pm.