Collective sale of Hong Heng Mansions launched at $133 mil

and Sembawang Road.Hong Heng Mansions, a freehold condominium located on Sembawang Road, has recently put its property up for public tender with a reserve price of $133 million. ERA Realty Network, the marketing agency of the condo, has announced this in a press release. The development is near the Springleaf landed housing estate and close to lifestyle amenities such as the Orchid Country Club, Wisteria Mall, Sembawang Shopping Centre, Sun Plaza, Canberra Plaza and Thomson Plaza. Sitting on a 78,644 square feet plot, this translates to a land rate of about $1,208 psf per plot ratio (ppr).

At a competitive reserve price of $133 million, ERA agents Jeremy Rikas Chiu, Group Division Director and Allen Loo, Division Director, speculate that there will be strong interest from both local and overseas developers wanting to take advantage of the potential of the site and its appealing location. Under the current Master Plan, Hong Heng Mansions is zoned “residential with commercial at 1st storey” and has a maximum four-storey building control. It is about 500m away from the Springleaf MRT Station and close to some of Singapore’s best schools, such as Peiying Primary School, North View Primary School, Naval The Myst Base Secondary School, Orchid Park Secondary School and Chung Cheng High School (Yishun).

The Landlens tool estimated that if the condo was sold at its reserve price, the new development could see an approximate selling price of $2,160 psf. This sum, however, excludes the land betterment charge.

Stay updated with En Bloc Singapore – Latest News, Enbloc Potential, Listings & Sales in 2023 and browse through listings of properties near Hong Heng Mansions, Springleaf MRT Station and the surrounding schools. ERA Realty Network’s public tender for the collective sale of Hong Heng Mansions closes on April 18.