Grand Tower, a boutique freehold residential site in the Novena area, has been put up for sale through a public tender, with an indicative price of S$88.8 million (S$1,381 psf ppr).
No development charge (DC) is payable, according to Savills Singapore, the property services firm in charge of marketing the property. It added that the breakeven price for the site is estimated to be between S$1,900 psf and S$2,000 psf.
Located at the junction of Sinaran Drive and Moulmein Rise, the 33-year-old tower block comprises 28 apartments measuring 1,873 sq ft each and occupies an area of around 21,742 sq ft.
“Grand Tower presents an excellent investment opportunity as this is probably the only freehold redevelopment site available in the Novena enclave,” said Suzie Mok, Director of Investment Sales at Savills Singapore.
“There is tremendous potential for capital appreciation as Novena is a happening place, popular with young executives and working professionals.”
Savills said the site can be redeveloped into a luxury lifestyle development centre, comprising 74 apartment units averaging 800 sq ft each. It could have a permissible gross floor area (GFA) of 5,974.64 sq m, exceeding the allowable plot ratio of 2.8 as indicated in the 2008 Master Plan.
The site is close to three malls — United Square, Velocity @ Novena Square and Square 2 — and is close to Novena MRT station. The site also provides easy access to the Marina Bay Downtown, the Central Business District (CBD) and the Orchard Road main shopping belt.
“Novena is fast transforming itself into a vibrant hub and its attractiveness is further enhanced with the recent opening of the Oasia Hotel and the completion of Soleil @ Sinaran, a high-end residential landmark as well as the premier Parkway Novena Hospital in the near future,” Mok said.
The tender for the site will close on 28 July 2011.
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