Nanak Mansions Enbloc sold to an associate UOL Group at 201.1 million was a fourth residential site around the Meyer-Amber Roads to be on the market this year. The associate UOL is planning to secure a venture redevelopment of the of the 10,185 square meter site which has a ratio of plots of 1.4. The Mayer road gives the Nanak mansions a rare advantage over others because of its strategic location next to the park. The redevelopment will surely see it as the best residence for the easterners.
Former Nanak Mansions
The former Nanak Mansions will have its payments funded by the bank borrowings. Internal resources will also play a role. They enjoy an advantage of the private road owned by the subsidiary proprietors, the Jalan Nuri road. The owners will enjoy a put option and they are yet to determine the price to acquire the road!
Nanak Mansions Near to Tanjong Katong MRT Station
Nanak mansions are designed in the best way possible with over 36 mansions each being four and others being a five-bedroom mansion. It’s situated 400 meters away from the Tanjong Katong MRT station around the Thomson – East coastline. It should be noted that the Nanak Mansions Enbloc was developed by the poor Singaporeans families who participated in the building but none of them stayed in the mansions. They agree to terms set by the Business Times Report, and they have sold their units which were initially being rented.
Nanak Mansions Enbloc New Development
Nanak Mansions Enbloc is forecasted to have more benefits after the planned redevelopment with an expectation to be re-modified into a 5 storey project which is to give a maximum floor area of 153482 square feet. This simply gives it a capacity to accommodate 203 units each unit having an average size of 700 square feet gross floor, as reported by the senior consultant at property consulting group, Mr Karamjit Singh. The price tag of 201 million dollars will actually work out to 1429 dollars per square feet per plot having considered all the development charges! He adds that the Nanak mansions Enbloc enjoys the importance that’s provided by the Meyer road.it will allow the upmarket development.
The UOL promises that the net tangible assets will not be affected by the acquisition of the property, for the financial year to end at the December 31. It should be noted that the successful marketing of the Nanak Mansions was done by the JLL. The shares of the group were trending at a 0.6 drop before the deal of the sale was made!