Map showing the location of 10A Jalan Ampas in Balestier. Source: Savills
A freehold property at 10A Jalan Ampas in Balestier has been launched for sale at a guide price of $16.8 million, marketing agent Savills Singapore said on Monday (11 September).
Located within an industrial cluster, the approximately 12,070 sq ft site is currently zoned for Business 1 use under the Master Plan 2014 with an allowable gross plot ratio (GPR) of 2.5.
However, subject to the Urban Redevelopment Authority’s approval and payment of development charges, the site could be rezoned as residential with a GPR of 2.8.
The development charges are estimated at about $16.86 million, which works out to $996 psf of the maximum allowable gross floor area of 33,974 sq ft.
According to Savills, up to 44 apartments averaging around 753 sq ft could be built on the site.
Neighbouring sites that have been redeveloped from Business 1 use to residential projects include The Viridian and The Interweave.
The latest project to launch in the area is City Suites, which saw transactions this year range from $1,725 psf to $1,807 psf.
“It’s not always that a boutique freehold residential site is readily available for sale. Being single-owner owned makes for a very efficient buying process as well,” said Steven Ming, managing director, head of investment sales & residential services at Savills Singapore.
10A Jalan Ampas is located close to Zhongshan Mall, Whampoa Market and the upcoming Health City Novena.
The tender exercise will close on 13 October.