Colliers International will be re-launching collective sales for two freehold residential sites, St Patrick’s Garden at St Patrick’s Road and Crystal Tower at Ewe Boon Road.
Colliers has yet to release an indicative price for either property. “We have decided to let the market tell us how much it is willing to pay. We will then go to the owners with the bids,” said Tang Wei Leng, Executive Director of Investment Services.
Located at 70 – 120 St Patrick’s Road, St Patrick’s Garden comprises 98 apartments and sits on a 137,559 sq ft freehold land parcel with dual road frontages. It is a part-three / part-four walk-up residential development zoned for residential use with an allowable gross plot ratio of 1.4.
Colliers said no development charge (DC) is payable for a plot ratio of up to 1.54, which takes into consideration an additional 10 percent for balcony space. It noted that the site can be redeveloped into a five-storey residence comprising 176 1,200 sq ft units.
Meanwhile, Crystal Tower is an 11-storey, 28-unit residential development located on an elevated 60,482 sq ft freehold site.
Under the 2008 Master Plan, the property is zoned for residential use, with an allowable gross plot ratio of 1.6. Colliers said a DC of about S$5.2 million is payable for a plot ratio of up to 1.76, which accounts for an additional 10 percent for balcony space.
The site can be redeveloped into a 12-storey residential project comprising 81 1,200 sq ft units, subject to approval from the relevant authorities.
“Freehold sites that are in strategic locations — especially if they are realistically priced – are still highly sought after by developers,” said Tang.
“We remain optimistic of the sale for the two subject sites — given that St Patrick’s Garden is the last remaining sizeable freehold plot of land nestled in a quiet residential enclave located off East Coast Road, while Crystal Tower is a freehold site strategically perched on a hill and located off Bukit Timah Road, a vicinity which has always been a prominent residential location in Singapore.”
The tender for St Patrick’s Garden begins today and will close on 1 November 2011, while the tender for Crystal Tower will start on 18 October and close on 14 November.
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