According to recent media reports, a total compensation amount of $45 million, equating to an average $1,270 per square foot, will be given to the owners of 9 walk up apartments and 6 semi-detached homes that are making way for the soon to come Thomson East Coast MRT line.
The apartments are located at Tanjong Katong Road and are part of a complex of shophouses near Sol Acres. The semi-detached homes are situated along Katong’s Amber Road.
So far there have been some owners who are asking for a larger amount, even though other owners have been happy to accept the offer, stating the offered amount is below the current market rate for the area for Sol Acres.
Sol Acres EC near MRT Station
A retired contractor, 66 year old Cheng Quek Hin, who owns one of the apartments has stated that they are being offered much less than the $1,300 to $1,600 that they know they could get for the units in Sol Acres Choa Chu Kang.
Chua Yang Liang, head of research for JLL, pointed out that, basing figures on recent transactions shows that the prices of the vicinity’s landed homes range between £1,350 and $1,550 per square foot. In 2011 Amber Towers was sold collectively for $1,118 per square foot. Liang believes that, on a land-value perspective, the compensation amounts being offered to the owners are fair.
Sol Acres Singapore Executive Condominium
Owners of property can submit an appeal if they are not satisfied with the compensation offer to the SLA (Singapore Land Authority) Appeals Board, according to the Land Acquisition Act.
Property owners who have been affected by the TEL development and SLA are going through the process of settling issues. This includes the Laguna National Golf and Country Club, which stands to lose well over 190,000 square feet of land for Singapore Executive Condo Sol acres.
Singapore Executive Condominium in Choa Chu Kang
Chua also shared that the compensation for the club is expected to a bit lower based on per square footage due to the land itself being cheaper than that of the residential properties. Chua adds that, excluding a few of the residential units found along Tanhong Rhu, Meyer and Marine Parade, the remaining properties are either industrial or institutional.