The reserve price for the freehold development in District 9 works out to a land rate of $1,695 psf ppr. (Photo: JLL)
Cavenagh Gardens, a freehold residential development along Cavenagh Road in District 9, has been launched for en bloc sale with a reserve price of $480 million, revealed marketing agent JLL.
With a land area of 128,255 sq ft, the development comprises three blocks of 172 apartments. The site is zoned residential under the 2014 Master Plan with a gross plot ratio of 2.1.
It is close to a few shopping malls including The Centrepoint and Plaza Singapura as well as the Somerset and Dhoby Ghaut MRT stations. Nearby schools include St. Margaret’s Primary School and Anglo-Chinese School (Junior).
JLL noted that the site could be redeveloped to contain 400 apartment units averaging 740 sq ft each. And since it is located within the central area, URA’s revised planning guideline on the minimum average unit sizes will not apply.
The reserve price reflects a land rate of $1,695 psf per plot ratio (psf ppr), including an estimated state land premium of $18.4 million.
Last year, the Singapore Land Authority granted in-principle approval to amalgamate about 11,800 sq ft of state land with the subject site.
Including the 10 percent bonus gross floor area (GFA), the price would translate to $1,541 psf ppr. No development charge is payable, even for the additional 10 percent bonus GFA.
The tender for Cavenagh Gardens closes on 31 January.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com