The second en bloc attempt by 3 adjacent redevelopment sites
Three adjacent mixed-use redevelopment plots in Bukit Timah Road and Duke's Road, including a driveway, were put up for sale by their owners in a second en bloc transaction.
According to The Business Times (BT), who cited exclusive marketing firm JLL, they have now cut their asking price to $53.8 million.
The pricing is estimated to be $1,502 per square foot per plot ratio (PSF PPR) based a gross plot ratio of 3.0. This calculation was done assuming that 60% of the GFA would be used for residential purposes and 40% for commercial purposes.
The plots had a reference price of $62.5 million or $1,658 psf ppr during the first collective selling effort in January 2021. Assumedly, 80 percent of the GFA would be used for residential purposes, with just 20 percent going to commercial enterprises
According to BT, the transaction does not need an application to the Strata Titles Board since all owners have agreed to sell their separate projects as a group.
The 2019 Master Plan designates the 16,479 sq ft freehold land as residential and commercial, with a maximum allowed height of five stories.
Bukit Timah Road's site is 7,727 square feet, whereas Duke's Road's site is 8,752 square feet, including the driveway.
From Queen's Road, Duke's Road, and Bukit Timah Road, the whole property only steps away from the Botanic Gardens MRT Station Interchange. Stevens Road, which connects to Orchard Road, is just a 10-minute drive away.
Coronation Plaza, Cluny Court, Serene Centre, Adam Road Food Centre, and the Botanic Gardens are all within walking distance of the property.
Raffles Girls' Primary School, St Margaret's Secondary School, and Nanyang Primary School are only a short walk away.
A boutique building with 32 homes averaging 85 sq m in size and retail spaces on the lower floors might be made from the site, according to JLL's Executive Director of Capital Markets, Tan Hong Boon.
In contrast to earlier in the year, the property market is presently more active. As sales of new apartments continue to move forward and stocks deplete, developers are hunting for redevelopment sites with vigour, according to BT's citation of him.
The most recent site tender is due to expire on December 2nd.