St Thomas Ville’s owners are expecting bids over S$58 million in the en bloc sale of their property. More than 80% of the owners of the District 9 freehold condo located at 38 St Thomas Walk gave their consent to the collective sale.
This was disclosed by JLL Singapore, the marketing agents for the sale in a Press Release on Monday.
The 12-storey property sits on a freehold site that is close to River Valley Road. There are 23 apartment units on a plot regular in shape.
As per the 2014 Master Plan from the Urban Redevelopment Authority the 11,407 sq ft site falls under Residential Zone. JLL said that the site has 2.8 GPR and maximum allowable height of 36 storeys.
Taking the reserve price into account the land rate would work out to be around S$1,816 psf ppr or S$1,754 if the 10% balcony bonus is considered.
Development charges of S$3.6 million are also payable on the site as per estimates.
Beside St Thomas Ville, there are also new launch en bloc property in Hot District 9 such as Horizon Towers with massive reserve price of S$1.1 billion and the other one will be Casa Sophia which most likely to be sold.
The freehold site of St Thomas Ville is attractive and mere walking distance from Great World City. Orchard Road shopping district is also in close proximity. The upcoming Great World MRT that falls under the Thomson-East Coast Line is just 600 meters from the site.
Other amenities nearby include Liang Court, Chinatown, Boat Quay and Robertson Quay.
As per JLL’s release this site doesn’t require pre-application feasibility study. It must be mentioned that in many en bloc sales potential developers need to hire reputable traffic consultants to project impact of traffic upon redevelopment and suggest traffic light solutions as per URA’s guidelines.
They also added that being part of Central Area this site is also outside the purview of the law that makes minimum 70 sqm size of units not applicable.
JLL Singapore’s Regional Director of Capital Markets Tan Hong Boon said that the site has locational advantages and should be an ideal pick for any small or mid-sized developer looking for a small plot in one of the posh areas.
The tender for this site would close on 10th of September at 2:30 PM.