The Wilshire (pictured), a 20-unit residential development along Farrer Road has been launched for collective sale, revealed marketing agent Savills.
Located within an established residential enclave in District 10, the 39,130 sq ft corner plot has a gross floor area (GFA) of 64,310 sq ft and is zoned for residential use with a plot ratio of 1.6 under the 2008 Master Plan.
According to Savills, the freehold site has an indicative price of between $96 million to $98 million, or about $1,493 – $1,524 psf ppr on the GFA.
But due to its high development baseline, the indicative land price would be lowered to around $1,408 to $1,436 psf ppr respectively after factoring a development charge of approximately $3.6 million for the extra 10 percent balcony space.
The site could be redeveloped into a 12-storey project consisting of 85 apartments averaging 753 sq ft.
The breakeven cost is estimated to be between $2,000 to $2,100 psf. In comparison, two-bedroom apartments of 840 sq ft at the nearby Cluny Park Residence were transacted for between $3,109 to $3,180 psf in the second half of 2013.
"We expect keen interest in the site as there is a scarce availability of choice freehold residential plots in the market. With a price tag of less than $100 million, it will appeal to boutique developers seeking to design an iconic development of smaller-sized one and two-bedroom apartments with affordable price quantum. Such apartments will remain popular with investors and owner-occupiers due to its desirable residential address and proximity to reputable schools," said Suzie Mok, Senior Director of Investment Sales at Savills Singapore.
Other nearby amenities include the Farrer Road MRT station as well as eateries and shops at Holland Village.
The tender exercise will close on 28 May.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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