Freehold mixed-use development Sixth Avenue Centre has jumped in the collective sales bandwagon, carrying an indicative guide price of $90.5 million.
Factoring a development charge of around $526,000, the price works out to a land rate of $2,022 psf ppr, revealed marketing agent Savills Singapore.
Occupying a land area of 1,394.4 sq m, Sixth Avenue Centre was completed in the 1980s, featuring seven shops and 18 apartments.
The site, which is zoned for commercial and residential use, has a gross plot ratio of 3 under the 2014 Master Plan. It may be developed up to five-storeys with an allowable gross floor area of 4,183.2 sq m.
Subject to the relevant authorities’ approvals, the site can accommodate a development with a retail component and 35 apartments with a total gross floor area of 18,011 sq ft and 27,017 sq ft, respectively.
It is situated directly opposite the Guthrie House and is just 150 m from the Sixth Avenue MRT station. Enjoying a double street frontage along the main Bukit Timah Road and Sixth Avenue, the site is also a short drive to The Grandstand, in the Dempsey Hill and Holland Village enclave as well as the Botanic Gardens. Nearby schools include Raffles Girls’ Primary School, Nanyang Primary School and Henry Park Primary School.
“Amidst the redevelopment of Royalville and the Fourth Avenue GLS site in the near future, Sixth Avenue Centre presents a rare freehold opportunity for developers to acquire a boutique site with complementary retail redevelopment options in this tightly held commercial cluster,” said Savills Singapore investment sales senior director Suzie Mok.
“The unique retail proposition will add buzz and create a new focal point underpinned by existing shopping and dining amenities. We expect keen contest from developers as this is the only mixed-use site available for sale in the locale.”
The tender for Sixth Avenue Centre will close on 31 January.
This article was edited by Keshia Faculin.