With Developers busy hunting for new lands, owners of adjoining mixed-use sites at Duke’s Road and Bukit Timah Road, decided to put up their properties for collective sale with a reserve price set at S$62.5 million.
The freehold site at 551 to 553 Bukit Timah Road comprises two shop units and 3 walk-up residential apartments. It has a guide price of S$30 million and sits on a small area of 7,727 sq ft.
On the other hand, the plot of 6 to 8 Duke’s Road, additional of the driveway has a guide price of S$32.5 million. The building consists of 2 shops and 5 walk-up residential apartments and occupy an area of 8,752 square feet.
The combine freehold sites cover a total land area of 16,479 sq ft and it has a gross plot ratio of 3.0.
Under the Urban Redevelopment Authority’s Master Plan 2019, the land plot is zoned for residential and commercial use with maximum allowable height of 5 storeys.
JLL Singapore has been appointed for this collective sale.
The marketing agent said that all owners from the respective developments have consented towards the sale which means that no (STB) Strata Titles Board application for a sale order is needed.
The agent added that if 80% of GFA is use for residential and 20% for commercial use, the land rate will be arrived at S$1,658 psf ppr, the price includes of development charge.
If 7% bonus residential GFA for balconies and development charge that are factored in, the price will reduce to S$1,621 psf ppr.
Executive director of capital markets of JLL Singapore, Tan Hong Boon said that the freehold site offers the developers a great opportunity to redevelop into a new boutique freehold development.
Because the plot land is in central zone of Singapore, it can build over 40 residential units with average size of 85 square metres. Since it is zoned for mixed-use, retail units can be built on the ground floor.