The freehold residential site is located close to Somerset MRT station and the Orchard Road shopping belt.
A freehold residential redevelopment site along St Thomas Walk in prime District 9 has been put up for sale at $68 million, revealed marketing agent Edmund Tie & Company (ET&Co) on Monday (28 May).
Including an estimated development charge of $10.56 million, the asking price works out to a land rate of $2,190 psf per plot ratio.
Owned by a single family, the property has a land area of about 12,809 sq ft. It is zoned residential under the 2014 Master Plan with a gross plot ratio of 2.8 under the 2014 Master Plan.
ET&Co noted that the site can be redeveloped into a high-rise boutique project with a maximum height of 36 storeys, subject to the approval of the relevant authorities.
Since it is located within the central area, the usual restriction on the maximum number of housing units (based on an average size of 753 sq ft or 1,076 sq ft) does not apply and there is no specific cap on the number of housing units, according to the Urban Redevelopment Authority’s guidelines.
Located within the heart of Orchard Road, the site is near Somerset MRT station on the North-South Line and River Valley Primary School.
“In recent months, along with improvements in the global economy, we have witnessed brisk sales for new residential projects in the vicinity such as Gramercy Park, New Futura and Martin Modern,” said ET&Co senior director of investment advisory Tan Chun Ming.
“These positive take-ups highlight the confidence of the market in the luxury and high-end residential segment. This property, given its single-owner status, provides certainty in completion timeline, offering developers the opportunity to leverage on the current upbeat market sentiments.”
The tender for the site closes on 3 July.
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