A freehold redevelopment site comprising three adjoining properties along Queen’s Road and Duke’s Road has been launched for sale by tender, said marketing agent Knight Frank.
The site is located in a mainly residential area at Bukit Timah and is within walking distance to the Botanic Gardens and Botanic Gardens MRT station.
The total area is about 25,425 sq ft and the combined site is regular in shape and offers double frontages of approximately 42 metres width onto both Queen’s Road and Duke’s Road.
Under the 2008 Master Plan, the properties are designated residential with a gross plot ratio (GPR) of 1.4. The site could be redeveloped with a maximum gross floor area of 35,595 sq ft.
There are possibilities for redevelopment into 5-storey apartments, landed homes, or a new bungalow. The three adjoining properties are owned by the same seller which means that approval from the Strata Titles Board (STB) is not required.
According to Ian Loh, Director and Head of Investment and Capital Markets at Knight Frank, the seller is expecting offers of above $45 million. This translates to a land rate of around $1,430 psf ppr, including an estimated development charge of approximately $5.8 million for redevelopment of apartments up to a GPR of 1.4.
“We expect this property to attract strong interest in view of its strategic location and relatively affordable investment size. It also offers quick turnaround time for prospective purchasers as there is no STB approval required,” said Loh.
Knight Frank added that new residential units at the nearby freehold Cluny Park Residence have registered sale prices from $2,700 to $3,420 psf since August 2013. Also close by, units at The Siena, a 99-year leasehold development, have transacted at $2,240 to $2,380 psf over the same period.
The tender exercise will close on 9 April.
Image: Properties along Queen’s Road (Source: Knight Frank)
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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