The Jalan Rimau strata landed terraces, known as Long Hua Yuan, are now available for collective sale with a reserve price set at $58 million. This translates to a significant land rate of $1,368 per square foot per plot ratio, which reflects the value placed on this property by the current owners.
The Long Hua Yuan comprises 12 three-storey units constructed in the mid-1980s, occupying a total site area of 32,436 square feet. It benefits from dual access via Jalan Rimau and Jalan Punai, enhancing its appeal for potential developers.
The collective sale has garnered unanimous support, achieving 100% owners’ consensus. This consensus eliminates the need for approval from the Strata Titles Board, thereby streamlining the tender process.
With a tender closing date set for June 10 at 3pm, interested parties are encouraged to submit their bids before this deadline. The collective sale of Long Hua Yuan presents a timely opportunity for developers, particularly given the rising demand for residential properties in the area.
Zoned for residential use, the site boasts a gross plot ratio of 1.4, indicating the potential for significant development. This zoning allows for the construction of up to 49 apartments, making it an attractive prospect for developers looking to create a boutique residential project.
The appeal of this project is further amplified by its strategic location, which is likely to attract HDB upgraders and young families seeking to settle in a vibrant community.
The proximity of Long Hua Yuan to various amenities and transport links makes it an ideal location for residential development. As urban areas continue to evolve and expand, the demand for quality housing remains high, particularly among families seeking larger living spaces.
Developers are likely to recognize the potential for creating a desirable living environment that caters to the needs of modern families. The increasing interest in the Jalan Rimau area underscores the property’s potential for appreciation and growth.
As urban development continues to reshape the landscape, properties like Long Hua Yuan that offer dual access and a prime location stand to benefit from the influx of residents seeking convenient living arrangements. The anticipated demand is expected to drive competitive bidding during the tender process, reflecting the ongoing trend of urban migration and the desire for quality housing.
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News Source: Edgeprop
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