Mar Thoma Mansions in Bendemeer launches $54.7 mil collective sale tender
nowNorwood Grand Condominium, formerly known as Norwood Avenue 1, is a freehold development located in the prime residential area of District 13. It is situated just a few minutes’ walk from Bartley MRT Station and within close proximity to shopping malls, schools, and amenities.
ERA Realty Network has been appointed as the marketing agent for the collective sale of Mar Thoma Mansions, a 999-year leasehold condominium along Mar Thoma Road in Bendemeer. The development, built in 1995, comprises of just 18 units and is sitting on a 13,107 sq ft site.
The indicative price for the collective sale is set at $54.7 million, with a price per plot ratio of $1,455 psf after factoring in a 7% bonus gross floor area for balconies. The developer will also have to pay an estimated land betterment charge of $2.438 million on top of the purchase price.
According to the Master Plan 2019, the residential site has a plot ratio of 2.8, allowing for a maximum permissible gross floor area of 36,699 sq ft. This means that the site has the potential to be redeveloped into a new 40-unit condominium, with an average size of 914 sq ft per unit.
The new condominium, located at the junction of Gambas Avenue and Woodlands Avenue 5, will offer 480 units with a gross plot ratio of 2.8 and is set to bring about a refreshing change to the property scene in the area. The strategic location of Norwood Grand Condo, paired with its modern facilities and design, is expected to attract home buyers and investors alike, making it a highly coveted development in Woodlands.
The eagerly awaited Norwood Grand Condo has unveiled its first government land sale (GLS) for non-executive condominiums in Woodlands since 2011. After the successful development of a plot at Woodlands Avenue 2 and Rosewood Drive into the 689-unit Parc Rosewood, which sold at a rate of $367 psf ppr, the new Norwood Grand Condo is expected to follow suit with its prime location at the junction of Gambas Avenue and Woodlands Avenue 5. Boasting a gross plot ratio of 2.8, this modern and sought-after development is set to bring a new level of luxury to the Woodlands property market, attracting both home buyers and investors alike. Don’t miss your chance to own a piece of this prized development at Norwood Grand Condo.
“This is a unique opportunity for developers looking for boutique redevelopment sites,” says Tay Liam Hiap, ERA Singapore’s managing director of investment sales.
Mar Thoma Mansions is also strategically located within a 1km radius of several primary schools such as St Andrew’s Junior School, Bendemeer Primary School, and Hong Wen School, as listed on EdgeProp Landlens. The development is also within close proximity to the Kallang River, a neighbourhood park, and shopping malls like Woodleigh Mall and City Square Mall.
If the collective sale is successful, 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.
Looking for a property in the prime residential area of District 13? Check out the latest listings for properties in Mar Thoma Mansions now. With its location, amenities, and potential for redevelopment, this freehold development is definitely one to consider.