Dublin Lodge, a prime site in district 9 has launched for collective sale and owners have set the reserve price at S$67.55 million.
The news was confirmed by Knight Frank Singapore, their exclusive marketing agent and revealed that the owners are expecting the offers above their asking price.
Base on the target price, the land rate for the freehold plot arrived at S$2,500 psf.
Completed in 1987, the residential development comprises of 8 strata terraces with floor areas of between 2,561 sq ft and 2,583 sq ft.
The development covers a land area of 27,020 sq ft and has a site of regular-shaped.
Under URA 2019 Master Plan, the freehold site is zoned for “residential”.
Apply for sale order to the Strata Titles Board is not needed since all owners have consented to this collective sale.
According to Ian Loh, Head of Capital Markets & Collective Sales of Knight Frank Singapore regarding redevelopment, the successful bidder has several options:
- Redevelop it into a single mansion
- Subdivide it into up to 11 terrace land parcels
- Or retaining the site’s current use as strata terraces
This is after gaining necessary approval from the relevant authorities.
He added that such prime redevelopment site is rare in the current market and there is limited supply of landed homes especially in the heart of popular Orchard Road shopping district.
He also points out that the residential development enjoys serene peaceful environment even it is located within the bustling commercial city centre.
The public tender for Dublin Lodge freehold site will close on April 6, 2021 at 3 pm.