With an area of 16,479 sq ft, the freehold site is zoned for residential and commercial use under the 2019 Master Plan. Image: Google Street View
Three adjoining mixed-use redevelopment sites located at 551 to 553 Bukit Timah Road and 6 to 8 Duke’s Road, including a driveway, have been put up for collective sale, carrying a guide price of $62.5 million, reported The Business Times (BT).
With an area of 16,479 sq ft, the freehold site is zoned for residential and commercial use under the 2019 Master Plan with a gross plot ratio (GPR) of 3.0 and a height limit of up to five storeys, said sole marketing agent JLL.
Assuming 80% of the gross floor area (GFA) is for residential use and 20% is for commercial use, the site’s unit land price stands at around $1,658 per sq ft per plot ratio (psf ppr), inclusive of the development charge.
After taking into account an additional 7% bonus GFA for balconies of the residential component, the unit land rate will stand at $1,621 psf ppr, inclusive of development charge.
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Featuring three walk-up apartments and two shop units, the 7,727 sq ft site at 551 to 553 Bukit Timah Road comes with a guide price of $30 million.
The 8,752 sq ft site at 6 to 8 Duke’s Road, which includes the driveway, has a total guide price of $32.5 million. It comprises five walk-up apartments and two shops.
All owners at the respective developments have consented to the en bloc sale, which means no Strata Titles Board application is needed for the sale.
About 300 metres from Botanic Gardens MRT Interchange, the entire property is bounded by Queen’s Road, Duke’s Road and Bukit Timah Road. The Orchard Road shopping belt is a mere 10-minute drive via Stevens Road.
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The property is also within the vicinity of Coronation Plaza, Cluny Court and Serene Centre. It is also near the Botanic Gardens and Adam Road Food Centre.
Nearby schools include Raffles Girls’ Primary School, Nanyang Primary School and St. Margaret’s Secondary School.
JLL Executive Director of Capital Markets Tan Hong Boon expects the property to receive “good responses from small to mid-sized developers”.
He noted that the property offers developers a rare opportunity to redevelop the site into a boutique freehold development with more than 40 residential units averaging 85 sq m with retail units at the ground floor.
The tender for the sites closes on 4 March.
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