JLL has announced the relaunch of Gilstead Court, the freehold site in Novena-Newton enclave of the prestigious District 11.
A rare combination of tranquility and convenience, the Gilstead Court has become all the more attractive to the investors and developers due to the downward revision in reserved price.
URA’s revised guidelines on Maximum Allowable Dwelling Units in Non-Landed Residential Developments outside the Central Area, which has come into effect from 17th this month, has a say on this En Bloc sale.
The site falls under Stevens-Chancery area, one of the nine areas with 100 sqm control identified by URA and LTA.
The Collective Sales Committee (CSC) has therefore lowered its reserve price to S$153 million.
During the previous attempt in July 2018, the asking price had been S$168 million.
About 60% of the owners have signed the supplemental agreement (SA) on the relaunch day, yesterday and more are expected to jump on the bandwagon shortly.
The new price tag translates to S$1,448 psf ppr or S$1,353 psf ppr with the 7% bonus balcony plot ratio, quite profitable for a 1978 development.
The 48 units of Gilstead Court is housed snugly amidst low rise boutique developments on a plot area of 75,479 sq ft, zoned residential with 1.4 GPR.
With no development charges, it best suits investors and developers looking to play safe with low investment choices.
Mr. Tan Hong Boon, Executive Director, JLL appreciates the judicious pricing offered by the owners.
With excellent lifestyle amenities around and seamless connectivity to the rest of the city, he expects the same warm reception from bidders as shown in the neighbourhood GLS private housing site on Kampong Java Road.
Against approval, this prestigious address with a potential GFA of 113,067 sf could be redeveloped into a five-storeys boutique of maximum 98 units with average size of 100 sqm.
10 Evelyn, a similar five-storeys boutique Freehold development with TOP in January 2020, situated within 300 meters from Gilstead Court commands S$2,171 psf up to S$3,556 psf.
Gilstead Court is a freehold site in the prestigious District 11.
It is less than 750 meters from both Novena and Newton MRT stations
Several bus stations are available close by in the Novena, Newton and Chancery neighbourhood.
Raffles Place and Orchard Road shopping belt are within short driving distances.
UNESCO Heritage site – Singapore Botanic Garden is less than a 10 minutes drive from here
Novena Square, Square 2, United Square, Goldhill Centre, Royal Square etc. are within walking distances that fulfil every shopping and dining needs.
Newton Food Centre, championed by STB (Singapore Tourism Board) to introduce local cuisine to international guests is also in the vicinity.
ATMs, Bank Branches, Child Care Centres, Clinics, Petrol Stations, Parks etc. are available at reasonable walking distances from Gilstead Court.
St Joseph’s Primary Institution (Junior), Anglo-Chinese School (Junior) and Anglo- Chinese School (Baker) are some well-known primary schools within walking distances. Others like CHIJ Primary School, Singapore Chinese Girls’ Primary School and St Margaret’s Primary School could be reached within a 5 minutes drive from Gilstead Court.
Health City Novena comprising world-class medical facilities is the vision of the area, to be fulfilled by 2030.
Experts point this enbloc site as an irresistible choice for investors and developers, who would want to maintain the presence, probably low-key during the surplus period, yet be prepared to cater the demand expected in 2023.
The tender for Gilstead Court is open until Wednesday, February 27, 2019 at 2.30 p.m.