A District 11 property, Gilstead Court has been listed for en bloc sale by its owners.
The site located at Novena/Newton enclave has been launched for sale at $168 million reserve price.
This was disclosed by JLL Singapore which has been hired as the marketing agent for the sale.
Taking into account the reserve price the land rate would translate into S$1,590 psf ppr (per square foot per plot ratio) and if the 10% balcony bonus is included it comes down to S$1,445.
The freehold site currently has all together 48 apartment units with 24 units being 1,390 sq ft in size and the rest 1,464 sq ft in size. These are spread over three 4-storey blocks.
Gilstead Court enbloc site encompasses 75,479 sq ft area and as per the Master Plan of 2014 it has been zoned for residential use. The freehold site has a 1.4 plot ratio.
JLL Singapore’s Regional Director, Tan Hong Boon feels that developers would be attracted to this sale and expects the site to sell in excess of its reserve price given its reasonable price.
He added that the site has a high development baseline and hence no development changes are payable even when the 10% balcony bonus is taken into account.
Mr Tan also said that the site has the potential to be redeveloped into 5-storey development with 140 apartments if necessary approvals are obtained from the authorities.
The site is attractive and in close proximity of three MRT stations namely Novena, Newton and Little India.
There are many restaurants and retail stores nearby and the Novena Square Shopping Mall. There are a number of schools in the vicinity including the Anglo Chinese School (Baker Road), Sanyu Adventist School as well as the Anglo Chinese Primary School.
Gilstead Court’s tender shall close on the 10th of July.