CNQC Realty (Treasure), a subsidiary of developer Qingjian Realty (South Pacific) Group bought over a row of apartments and shops in Phoenix Road near Bukit Panjang under en bloc for $42.6 million in the property’s second collective sale attempt.

The sale price is above the owners’ asking price of $42 million, and works out to an estimated land rate of $630 per sq ft per plot ratio (psf ppr) after factoring the estimated differential premium payable.

The site is zoned for residential use with a gross plot ratio of 1.4 under the Draft Master Plan 2019 by the Urban Redevelopment Authority.

District 23, where the property is located, presents “good opportunities” for residential development owing to the limited upcoming supply of private homes in the area. There are several BTO nearby this area.

The property is near the Phoenix LRT station and about 8 minute walk away from the Bukit Panjang MRT station and bus interchange. Amenities in the area include Bukit Panjang Plaza, Hillion Mall and Junction 10, and schools in the area include ITE College West, Pioneer Junior College and Choa Chu Kang Secondary.