Collective sale of Hong Heng Mansions launched at $133 mil

on EdgeProp.sgHong Heng Mansions in Sembawang Road has launched a public tender for its collective sale with a reserve price of $133 million. With a plot size of 78,644 sq ft, the rate translates to a land rate of about $1,208 psf per plot ratio (ppr). This sum excludes land betterment charge. Under the Master Plan, the site is zoned for residential with commercial at Tengah Plantation EC 1st storey with a gross plot ratio of 1.4 and a maximum four-storey building height control.

Situated close to the Springleaf landed housing estate and Springleaf Nature Park, the development enjoys access to various nearby lifestyle amenities including Orchid Country Club, Wisteria Mall, Sembawang Shopping Centre, Sun Plaza, Canberra Plaza and Thomson Plaza. The Springleaf MRT Station on the Thomson-East Coast Line is in close proximity, located about 500m away.

According to EdgeProp’s Landlens tool, if Hong Heng Mansions is sold at the reserve price of $133 million, the new development could see an approximate selling price of $2,160 psf.

Peiying Primary School is within 2km of the site, while other schools in the vicinity are North View Primary School, Naval Base Secondary School, Orchid Park Secondary School, and Chung Cheng High School (Yishun).

ERA agents Jeremy Rikas Chiu, Group Division Director, and Allen Loo, Division Director, believe the site will attract developers for its potential to be redeveloped into a new mixed-use development. They commented: “This rare site along the Sembawang Road area is expected to evoke strong interest from local and overseas developers due to its appealing location and competitive reserve price.”

With the tender for Hong Heng Mansions closing on April 18, potential buyers can check out the latest listings for the development and surrounding areas such as Springleaf MRT Station, Peiying Primary School, North View Primary School, Naval Base Secondary School, Orchid Park Secondary School, Chung Cheng High School (Yishun) on EdgeProp.sg.

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