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THE owners of Phoenix Court at the St Thomas Walk/Killiney Road corner and Hong Yun Court in Telok Kurau want to join the collective sale bandwagon.

Phoenix Court's asking price is said to be close to $100 million, which works out to around $850 per square foot (psf) of potential gross floor area including an estimated $5 million development charge (DC). Under Master Plan 2003, the 44,003 square foot freehold site is zoned for residential use with a 2.8 maximum plot ratio - the ratio of potential maximum gross floor area to land area - and maximum height of 36 storeys.

Phoenix Court marketing agent Dennis Wee said owners controlling more than 80 per cent of share values in the development have agreed to a sale. Phoenix Court is a 13-storey block with 47 apartments.

Dennis Wee is also marketing Hong Yun Court, which occupies a freehold site with a land area of 18,398 sq ft at Lorong M Telok Kurau. Dennis Wee said it understands that the buyer of this site may be able to buy from the state a small neighbouring plot of 2,239 sq ft for about $900,000. Hong Yun Court's owners are said to be asking for about $9 million for their property. This works out to about $343 psf of potential gross floor area inclusive of a small development charge of about $70,000 and the price payable for the state plot.

Hong Yun Court has a single block of 12 apartments. All the owners have agreed to a collective sale. The site is zoned for residential use with a 1.4 plot ratio with a five-storey height limit. The tenders for both properties close in end-June.

Dennis Wee also expects to garner soon the minimum 80 per cent consent level for another en bloc sale - of East Coast Ville at 320 Upper East Coast Road. The property has a land area of about 96,600 sq ft, with a 1.4 plot ratio under Master Plan 2003. The owners' asking price of about $56 million works out to nearly $450 psf per plot ratio including an estimated $4.7 million DC.