The rare plot could be redeveloped into a hotel or high-rise condo. (Photo: JLL)
A plum freehold site of 25,741 sq ft in Cuscaden Road, off Orchard Road, has been put up for sale by tender, according to marketing agent JLL.
A detached house purchased in the 1950s currently sits on the site, which is flanked by new high-rise developments. It is being sold by the trustees of the late owner, who are expecting offers of between $160 million and $170 million.
Zoned for hotel use under the 2014 Master Plan, the site has an allowable gross plot ratio of 4.2. According to JLL, the Urban Redevelopment Authority (URA) is also willing to consider a redevelopment proposal for a 20-storey residential development. In both proposals, there may be commercial space on the first storey.
“A purchaser could redevelop the site into a mid to upscale hotel with around 300 rooms, depending on the design. Alternatively, a residential developer may be able to accommodate as many as 185 small shoebox apartments with an average size of 540 sq ft, or 50 units of 2,000 sq ft apartments, depending on the configuration of the building and subject to approval from the relevant authorities,” said Karamjit Singh, International Director at JLL.
He added: “Such opportunities to acquire development sites in and around Orchard Road, especially freehold ones, are rare to come by, be it for residential or hotel use. We anticipate strong interest from developers and investors, both locally and regionally.”
There are several upscale developments in the area, including The St Regis Singapore, St Regis Residences, and Four Seasons Hotel. In addition, the Orchard MRT station and the upcoming Orchard Boulevard MRT on the new Thomson-East Coast Line are within walking distance.
The last sale of a prime high-rise redevelopment site in Singapore took place three years ago, when Hong Kong’s Swire Properties acquired Hampton Court at Draycott Park for $155 million. This works out to about $2,526 psf per plot ratio, inclusive of development charges payable, said JLL.
The tender exercise for the Cuscaden Road site will close on 12 May 2016.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
