Jansen Mansions in Kovan area to be put up for collective sale for $18.9 million

SINGAPORE, 1 June 2022 – PropNex Realty, the largest real estate agency in Singapore has today announced that Jansen Mansions at 25 Jansen Road in the Kovan area will be put up for collective sale for $18.9 million via public tender on 2 June 2022. This is the owners’ third attempt at a collective sale, following the unsuccessful try in 2021.

More than 80% of the owners at the 12-unit Jansen Mansions have given their consent to sell the property collectively and have slightly increased the reserve price from $18.5 million to $18.9 million for this latest collective sale exercise. The reserve price of $18.9 million translates to an attractive land rate of $863 per square foot per plot ratio (psf ppr) inclusive of development charges. After factoring in the 7% bonus balcony space, the land rate is $855 psf ppr inclusive of development charges.

In the owners’ second collective sale attempt, PropNex had put Jansen Mansions on the market in February 2021 with a reserve price of $19.8 million – which was subsequently reduced to $18.5 million in a tender relaunch in August 2021. The first time Jansen Mansions was launched for collective sale was in 2018.

Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “Since the fresh cooling measures were implemented from 16 December 2021, the residential property market has shown resilience, underpinned by the strong demand from home buyers including HDB upgraders, as can be seen from the successful launches of Piccadilly Grand and Liv@MB recently. We anticipate keen interest from would-be home buyers for the future project to be built on the Jansen Mansions plot as its 999-year leasehold tenure will facilitate legacy planning.”

Jansen Mansions – in District 19 - sits on a site spanning 1,541.5 sq m (approximately 16,592.7 sq ft) and has a 999-year leasehold tenure starting from 1 September 1876. Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned Residential with a plot ratio of 1.4. The site has a gross floor area (GFA) of 2,158.1 sq m (approximately 23,229.8 sq ft).

Ms Goh added, “The Jansen Mansions collective sale site can be redeveloped to offer 21 dwelling units with an average size of 100 sq m – a boutique residential development that is ideal for family offices and developers who are looking to ride on the healthy local demand and sales momentum. Located within a mature estate, the Jansen Mansions site is accessible to a wide range of community and recreational facilities, providing convenience to future residents. In addition, employment hubs such as the Lorong Halus Industrial Park and Defu Industrial Estate could potentially provide rental catchment market for property investors.”

Situated amidst bustling towns of Serangoon and Kovan, the Jansen Mansions site is well-served by public transport such as the Kovan MRT station and it also has easy access to main roads and expressways including the Central Expressway (CTE), Pan Island Expressway (PIE), as well as the Kallang-Paya Lebar Expressway (KPE). It is also a short drive to the Orchard Road shopping belt and the central business district (CBD).

Nearby amenities and eateries include the Heartland Mall at Kovan, Nex shopping mall, and the popular Chomp Chomp Food Centre, as well as the Serangoon stadium and swimming complex. There are also several schools in the vicinity, such as Zhonghua Primary School, Yangzheng Primary School, Rosyth School, St. Gabriel’s Primary School, Nanyang Junior College, Hillside World Academy and the Australian International School.

The collective sale tender will close on 28 June 2022 at 2 pm.