JLL and CBRE are jointly marketing three prime residential properties in the Orchard Road area.
Three prime residential properties located near Orchard Road have been put up for sale by public tender, with JLL and CBRE appointed as joint marketing agents.
Owned by a group of investment holding companies, the three properties are at 3 Cuscaden Walk, 120 Grange Road and 8 Hullet Road. Notably, the vendor also owns two apartments at The Claymore, which is being exclusively marketed by JLL.
With a land area of 21,560 sq ft, the 3 Cuscaden Walk property was built in the early 1990s and has 11 large four-bedroom apartments. The 12-storey building is near Four Seasons Park condominium, ION Orchard and Orchard MRT station.
“Given the age of the building and potential building height and plot ratio, this property is ripe for redevelopment into a modern luxurious high-rise residential tower with, for example, 30 units of 2,000 sq ft apartments,” said Karamjit Singh, Head of Residential at JLL Singapore.
Singh expects the property to attract offers “in excess of S$100 million, which reflects an indicative land rate of $1,900 psf ppr”.
Meanwhile, the 120 Grange Road property is an 11-storey, 18-unit block. Located next to Cliveden at Grange and directly opposite Gramercy Park, the property is near the upcoming Orchard Boulevard MRT station.
The smallest and newest of the three properties, 8 Hullet Road features a 10-storey building with 18 apartments. It was built in the early 2000s and has a land area of 10,733 sq ft. The development is within walking distance of Somerset MRT station.
“We believe both (the) Grange Road and Hullet Road buildings are (an) excellent fit for investors, given their boutique scale and rentability. We expect offers within the ballpark of S$50 million and S$35 million respectively, which work out to about S$1,900 psf on the existing strata areas,” said Jeremy Lake, Executive Director at CBRE Singapore.
Expecting strong interest in the properties, Lake said a bidder can “cherry-pick amongst the assets, or acquire the portfolio”.
The tender for the properties closes on 2 November 2016.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories, email email@example.com