Built in the 1980s, Tai Wah Building comprises six apartments and two shops. (Photo: Edmund Tie & Company)
The freehold Tai Wah Building at Killiney Road has been launched for collective sale after obtaining consent from all the owners, marketing agent Edmund Tie & Co. said on Monday (9 October).
The asking price for the property is $81 million, or $2,035 psf per plot ratio of potential gross floor area (GFA). No development charge is payable.
Completed in the mid-1980s, the four-storey Tai Wah Building comprises two shops and six apartments.
The approximately 13,148 sq ft site is zoned residential with commercial at first storey under the 2014 Master Plan. It could be redeveloped up to its existing GFA of about 39,809 sq ft, exceeding the permissible plot ratio of 2.8.
The Orchard Road shopping belt and Somerset MRT station are within walking distance.
“Tai Wah Building can be redeveloped into a boutique residential development with valuable commercial space on street level enjoying prominent visibility onto Killiney Road,” said Swee Shou Fern, director of investment and advisory at Edmund Tie & Co.
“The property is also ideal as a serviced apartments development, subject to planning approval.”
The public tender exercise will close on 15 November 2017.