The freehold site along Lorong J Telok Kurau Road has an area of 23,579 sq ft and an indicative price of $30.6million. Source: Google Maps
A freehold redevelopment site at 12, 12A, 20 and 28 Lorong J Telok Kurau Road has been put up for sale by public tender with an indicative price of $30.6 million, revealed exclusive marketing agent CBRE.
Situated off Still Road, the site has an area of 23,579 sq ft. It currently houses two detached houses as well as a pair of semi-detached homes that are being sold collectively.
The site is zoned for “Residential” use under the 2019 URA Master Plan, with a plot ratio of 1.4 and height control of up to five storeys. CBRE noted that the site can be redeveloped into a five-storey residential development with up to 30 units based on the ‘100-sq m’ guideline.
Including the $249,028 development charge (DC) payable to maximise allowable gross floor area, the price will translate to about $935 per sq ft per plot ratio (psf ppr). An addition of the 7% bonus balcony area will push up the DC payable to $1.75 million, but will work out to a lower land rate of $916 psf ppr.
Michael Tay, Head of Capital Markets, Singapore at CBRE, noted that the Telok Kurau precinct is one of the most well-liked neighbourhoods within Eastern Singapore, also known as District 15.
“This is due to the area’s proximity to a wide array of popular F&B establishments, trendy bars, as well as lifestyle and recreational amenities at the nearby East Coast Park. Family home seekers are also drawn to the area, given the presence of several popular local and international educational institutions—including CHIJ (Katong) Primary School, Haig Girls’ School, Tao Nan School and St. Stephen’s School,” he said.
Tay expects the site to attract “keen interest from developers and contractors who are seeking such occasional opportunities that are also of palatable sizes”.
“The site will also appeal to private investors and family offices who are on the lookout for redevelopment opportunities at strategic locations to preserve their wealth,” he added.
Interested parties will have to submit their offers by 29 July.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org