Gilstead Mansion the 24-unit freehold site at Gilstead Road listed for en bloc sale. The owners of the property located adjacent to Novena neighbourhood have listed the property with a reserve price of S$68 million.
Gilstead Mansion is freehold site occupying 35,751 sq ft land area, the existing GFA (gross floor area) stands at 43,463.8 sq ft.
This translates into 1.22 plot ratio. Going by the reserve price for the sale the psf ppr (per square feet per plot ratio) would come to S$1,564.5 which is lucrative as Chancery Court and Dunearn Gardens sold for S$1,610 and S$1,914 psf ppr respectively both which are in Gilstead Mansion’s vicinity.
There are also no development charges applicable on this freehold site.
Teakhwa Real Estate the marketing agent for the sale said that the site can potentially be redeveloped 22 terrace houses or the developer has the option to retain its already approved form.
Gilstead Mansion’s tender shall close on 3rd July at 3 PM.
In related developments Teakhwa which is also the marketing agent for the collective sale of Dairy Farm Estate that has 487 units sounded positive about reaching the 80% approval from owners.
They informed that 330 owners have already given their approval and they are 60 shorts at the moment and it is just a matter of time when it will clear the final hurdle in that project.
The company plans to launch Dairy Farm’s tender in July or August.
Teakhwa Real Estate is also the marketing agent of Katong Omega Apartments. The freehold property in District 15 was sold for S$46.31 million in April 2018.
Gilstead Mansion most probably will be their next Success.
It’s a Freehold Property, the only word recognizes by developers
The Prime District 11 Freehold site is located in the hottest zone “Core Central Region” where developers focus the most
The asking price S$1,564.50 psf is within “attractive range”. The developers will have eyes on it. Best of all, there is no development charge
It has good connectivity, Novena MRT is located 450 m away from the site which takes around 5 mins walk. The site is nearby to Pan Island Expressway (PIE) which owners with cars can travel to all parts of Singapore
Many excellent schools are close proximity to Gilstead Mansion site namely Anglo-Chinese School, Raffles Girls’ Secondary, St Joseph Institutional International and Singapore Chinese Girls’ School
Only 5 mins drive to Popular Orchard Road and around 12 mins to Central Business District