Verdun House up for en-bloc sale again with S$55m reserve price

Property consultancy Delasa's CEO says 4-storey freehold building could be redeveloped for various purposes

Mar 24, 2022

VERDUN House at Farrer Park has been relaunched for an en-bloc sale via tender at a reserve price of S$55 million, said property consultancy and investment sales specialist Delasa on Wednesday (Mar 23).

The 4-storey freehold building was previously put up for en-bloc sale at the same reserve price in August 2021. Prior to that, it had also been launched for sale in March 2018, with a guide price of S$60 million.

The current reserve price of S$55 million reflects S$1,790 per square foot on the property's potential commercial gross floor area of 30,727 square feet (sq ft).

The site has a land area of 7,300 sq ft, and is zoned "commercial" in the Urban Redevelopment Authority's 2019 Master Plan with a plot ratio of 4.2. No development charge is payable upon its redevelopment to its potential gross plot ratio, Delasa said.

Built in the 1980s, the property currently comprises 4 shops and eateries on the ground level, and 12 apartments at its upper levels.

Delasa's chief executive Karamjit Singh noted that the property could be redeveloped for various purposes, such as a commercial school, co-living operations or a new 6-storey retail-cum-office building.

Noting that the agent has also been receiving increasing enquiries from international schools for space, Singh said schools would greatly benefit from the ease of accessibility and shopping convenience that the property offers.

As for strong demand from investors looking to tie-up with co-living operators to manage the 12 existing apartments at the upper levels, Singh said investors can retain the building in its current form and refurbish the apartments catering to the strong rental market.

Delasa noted that in this tender, owners of 15 of the 16 strata-titled units have consented to the sale.

The tender exercise will close on Apr 26 at 2.30 pm.