Mar Thoma Mansions in Bendemeer launches $54.7 mil collective sale tender

Mar Thoma Mansions, a 999-year leasehold condominium along Mar Thoma Road in Bendemeer, is up for collective sale at an indicative price of $54.7 million, with ERA Realty Network as the marketing agent. The price translates to $1,455 psf per plot ratio after factoring in a 7% bonus gross floor area for balconies. On top of the purchase price, the developer has to pay an estimated land betterment charge of $2.438 million. Built in 1995, the existing 10-storey block has just 18 units sitting on a 13,107 sq ft site. According to the Master Plan 2019, the residential site has a plot ratio of 2.8, which translates to a maximum permissible gross floor area of 36,699 sq ft. Read also: Far East Shopping Centre’s $908 mil en bloc deal aborted Advertisement The site could be redeveloped into a new 40-unit condominium with an average size of 914 sq ft, subject to approval. “This is a unique opportunity for developers looking for boutique redevelopment sites,” says Tay Liam Hiap, ERA Singapore’s managing director of investment sales. According to EdgeProp Landlens, the site is within 1km of primary schools such as St Andrew’s Junior School, Bendemeer Primary School and Hong Wen School. Mar Thoma Mansions is also near the Kallang River, a neighbourhood park and malls such as Woodleigh Mall and City Square Mall. If the development is successfully sold, the strata unit holders of Mar Thoma Mansions will receive gross proceeds of $3 million to $3.077 million each. The tender for the collective sale will close on June 24. Check out the latest listings for Mar Thoma Mansions properties