Friday, September 3, 2010

Toh Tuck Apartments sold for $34 million in en bloc sale




Yet another condo has been sold in an en bloc sale. This time, it’s Toh Tuck Apartments, along Toh Tuck Road. The 40,449 sqft site went for $34 million, or $33.9 million, if you want to be exact.

Despite the many en bloc sales that have taken place this year, Toh Tuck Apartments is the first in its district to be sold in a collective sale this year. The condo lies in District 21, which comprise Upper Bukit Timah and Clementi.

And although District 21 is a "rich man's" residential area, Toh Tuck is actually at the fringe and close to some HDB blocks. Still, the area has its charm and the Canadian International School and nearby eateries is always a big plus. The nearby uncompleted Beauty World MRT too should be factored in (although we are pretty sure the prices have been factored in the day the station's location was confirmed).

Apparently this site can be redeveloped into 75 apartments, ranging from 590 sqft to 1,660 sqft. According to Jeffrey Goh, head of investment sales for the site's marketing agent HSR, the average price of a new apartment there could cost $1,300 psf. The question is - with all the recent cooling measures, will it sell at $1,300psf considering there are plenty or resale options just down the road?


As posted in h88 by Francis

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