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FINLAND Gardens, a 48-unit freehold condominium development off Siglap Road, is the latest offering on the en-bloc market. The site is unique: it is the first large redevelopment site slated for mixed landed housing to be offered in more than a decade.

Finland Gardens: Land area of 98,309 sq ft

'If the deal goes through, it would mark the first collective sale of a large condominium project for mixed landed development in 12 years,' said Karamjit Singh, managing director of Credo Real Estate, which has been appointed to market Finland Gardens. 'It appears that the last such condominium sold for mixed landed properties was Changi Heights, back in 1994.'

Finland Gardens has a land area of 98,309 square feet, comprising 48 units of walk-up apartments housed in two 3-storey blocks. Under the 2003 Master Plan, the site is slated for 3-storey mixed landed houses.

Said Mr Singh: 'Under this zoning, the developer of the site could choose to build a combination of conventional terraces, semi-detached, and detached houses, as well as strata terraces, strata semi detached houses and strata bungalows.'

Credo expects $50-$55 million for the site, which works out to about $509-$559 psf. Under that price range, units will be sold for between $900,000 and $1.2 million - which will give the 48 owners an average collective sale premium of 75 per cent, said Credo.

According to the property consultancy, the site could accommodate as many as 44 strata semi detached and terrace houses, in addition to 10 conventional semi-detached and nine terrace houses. The estimated development charge payable for this is $1.3 million, said Credo. The firm cited a study it conducted, which showed that out of the 86 transactions of private residential redevelopment sites above $10 million over the last 12 months, only two were for mixed landed properties.

'With the dearth of supply, it can only result in price escalation for mixed landed,' said Mr Singh.

The tender closes at 2.30pm on Aug 8.