1.4.2022, TA Realty (TA Corporation’s subsidiary) announced that they sold their freehold serviced apartments at 12 On Shan situated in district 12 Balestier to RL Properties. The option to purchase on 12 On Shan buyout was exercised on 31.3.2022 at the sale price of S$86.5 million. RL Properties is a joint-venture company comprising Roxy-Pacific Holdings, LWH Holdings and Macly Capital.
12 On Shan Buyout:
Last Put Up For Sale In Feb 2021 At S$93 Million:
12 On Shan consists of 78 apartments in a 15-storey tower, all well furnished. It was put up for sale in Feb 2021 at a reserve price of S$93 million. The gross plot ratio based on 2019 Master Plan is 2.8. It was zoned for residential use. Based on the gross floor area (GFA) of 68,048 square feet, it works out to S$1,367 per square foot (psf). The apartments range from 350 to 930 square feet. 12 On Shan was later converted to serviced apartments due to prevailing unfavourable market conditions when it was completed in 2018. One such condition is the 6th July 2018 Additional Buyer Stamp Duty cooling measure whereby the 2nd property ownership is a 5 percentage point increase.
Likelihood To Continue As A Serviced Apartment:
The property will likely remain as a serviced apartment to continue to generate income and complement the strong Singapore residential property market. Its freehold tenure will make it a valuable investment for the future.
Current Singapore condos available in district 12 is Verticus by SB (Kemaman) Development Pte Ltd, a 162 new condo launch with expected completion in Dec 2024. As of 2nd April 2022, it has 45 choice apartment units still available for sale in the types 2-Bedroom, 2-Bedroom + Study, 2+1 Bedroom (Dual Key), 3-Bedroom and 3-Bedroom Premium.
With so many different and exciting new condo launches in the Singapore property market, it will not be easy for you to decide which new launch condo is suitable for your purchase. Allow us to help you assess your finances, plan your priorities and determine your best options. Thereafter, we will go and view the list of developments that you have shortlisted.
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