Business Times: Thu, Jun 07
A LARGE redevelopment site in one of Singapore's prime neighbourhoods, District 11, has been offered for sale at an asking price of between $160 million and $165 million.
Villa Des Flores' marketing agent DTZ says the freehold site is zoned for landed housing development, which is a rare opportunity. The property, which is only a stone's throw from the Orchard Road shopping belt and top schools, sits on a land area of about 104,370 sq ft. It comprises 28 four-storey walk-up apartments and 13 town houses.
According to the Master Plan 2008, the site can be developed into two-storey mixed landed housing. The developer has the option to build detached, semi-detached, terrace houses or a combination of them, either based on conventional housing types or as a cluster housing development.
As a cluster landed project, the site can accommodate about 24 strata bungalows, 48 strata semi-detached or 64 strata terrace houses. No development charge is likely to be payable.
"Large sites for landed housing developments, especially in prime District 11, are rarely available for sale in contrast to apartment development sites," says DTZ's head of investment advisory services & auction Shaun Poh.
The size of units ranges from around 1,378 sq ft to 2,088 sq ft for a walk-up apartment, and between 2,034 and 2,702 sq ft for a town house.
The offer price of between $160 million and $165 million works out to about $1,533 to $1,581 per square foot (psf).
Upon success of the collective sale, Mr Poh says each owner could receive between $3.2 million and $5.1 million.
"Prices of landed properties continue to trend up due to extremely strong demand. We therefore envisage keen interest in the property from developers," he adds.
Just last year, a nearby District 11 condominium development, Whitley Heights, was sold to Hoi Hup Realty for $159 million.
The vast 130,165-sq-ft freehold estate off Thomson Road, which consists of 45 units of walk-up apartments housed in three three-storey blocks, fetched $1,222 psf - just under the owners' price target of $165 million.
That was set in June last year after a bid in January to sell the estate en bloc for between $185 million and $210 million fell flat...
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Martin Koh/ Sherry Tang
Martin Koh/ Sherry Tang