Two freehold residential sites at Thiam Siew Avenue up for sale

Victor KangSeptember 24, 2021

Including balcony space, the North plot has a GFA of 405,536 sq ft and an estimated development charge of $20.2 million, while the 384,791 sq ft South plot has a development charge of $19.1 million. Photo: Savills Singapore

Two freehold residential sites at Thiam Siew Avenue are up for sale by public tender, with prospective developers having the option to acquire the sites jointly or individually, revealed exclusive marketing agent Savills Singapore.

Situated just off Tanjong Katong Road within prime District 15, the sites have a combined land area of about 263,794 sq ft and are zoned for “Residential” use under the 2019 Master Plan with an allowable gross plot ratio of 2.8.

The 135,359 sq ft site on the North has a maximum gross floor area (GFA) of 379,006 sq ft and an estimated development charge of $145.7 million.

Meanwhile, the 128,435 sq ft site on the South has a maximum GFA of 359,618 sq ft and an estimated development charge of $138.3 million.

Including the 7% space for balconies, the North plot has a maximum permissible GFA of 405,536 sq ft while the GFA of the South plot is 384,791 sq ft. The estimated development charge for balconies stands at $20.2 million and $19.1 million, respectively.

Based on an average size of 85 sq m, the land plot on the North can accommodate about 414 housing units, while the plot on the South can yield 393 units, subject to the approval of relevant authorities.

Savills said the sites “are nestled within an established residential enclave enjoying proximity to a plethora of amenities available at Katong precinct, which is rich in heritage, and the Paya Lebar Central precinct”.

The sites are well served by Dakota MRT Station and Paya Lebar Interchange MRT Station and are connected to all parts of Singapore via East Coast Parkway (ECP) and Pan Island Expressway (PIE).

Savills noted that the sites “are poised to benefit from their close proximity to Paya Lebar Central precinct, URA’s first Business Improvement District (BID) pilot programme outside the CBD”.

Savills Singapore’s Deputy Managing Director for Investment Sales and Capital Markets Galven Tan said developers can capitalise on the sites excellent attributes to develop one or two upscale high-rise projects.

He added that the tender also offers developers deal certainty since it is not subject to the approval of the Strata Titles Board.

The tender for the sites closes on 18 November.

 

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg

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