The 24-unit residential development has been relaunched for collective sale at a guide price of $65 million. (Photo: Teakhwa Real Estate)
In a bid to beat the clock before the new rules on unit sizes outside the central area kick in as well as the chill of property cooling measures, the owners of Gilstead Mansion have relaunched the 24-unit development for collective sale at a lower price of $65 million, reported the Business Times.
Down $3 million from its previous guide price in June, the revised price works out to $1,524.70 psf per plot ratio (psf ppr) with no development charge payable.
Nestled on a 35,751 sq ft site, the development has an existing gross floor area of 42,632 sq ft. It is part of the Stevens-Chancery area, in which the increased average unit size of 100 sq m rule would apply for development applications submitted on or after 17 January 2019.
Marketing agent Teakhwa Real Estate noted that the site could yield about 56 new units under the current 70 sq m rule. As per Land Transport Authority confirmation, no pre-application feasibility study for traffic impact is required for the site.
“The expected land rate is undemanding in view of the high price transacted for the surrounding Dunearn Gardens at $1,962 psf and the 99-year leasehold Chancery Court at $1,610 psf,” said Teakhwa Real Estate.
“This is an opportunity for developers who target good smallish prime sites at reasonable pricing in this en bloc cycle. The potential buyer may possibly make it on time to develop the site under the current Urban Redevelopment Authority planning guidelines.”
The authorities revised the guidelines such that the average size of new private homes outside the central area would measure at least 85 sq m. However, nine areas would face the 100 sq m rule – Stevens-Chancery, Marine Parade, Balestier, Joo Chiat-Mountbatten, Pasir Panjang, Telok Kurau-Jalan Eunos, Kovan-How Sun, Loyang and Shelford.
The tender for Gilstead Mansion closes on 22 November.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org