Sole marketing agent Edmund Tie said the price works out to a land rate of about $2,001 per sq ft per plot ratio (psf ppr), including the estimated development charge. Photo: Edmund Tie
A freehold residential site at Gilstead Road in District 11 has been put up for sale via tender with an asking price of $91.8 million.
Sole marketing agent Edmund Tie said the price works out to a land rate of about $2,001 per sq ft per plot ratio (psf ppr), including the estimated development charge.
Under the 2019 Master Plan, the 4,037.3 sq m (43,457 sq ft) site is zoned for Residential use with a plot ratio of 1.4. It could be redeveloped to accommodate up to 56 housing units, subject to planning approval.
Edmund Tie noted that the property is surrounded by landed housing as well as Bukit Tunggal good class bungalow (GCB) area. It is also close to the Novena MRT station and Newton MRT interchange as well as various amenities including Novena Square, Balmoral Plaza and United Square.
Nearby schools include Anglo-Chinese School (Primary), Anglo-Chinese School (Junior) and St. Joseph’s Institution Junior.
The site is well connected to other parts of Singapore via expressways and major roads such as Pan Island Expressway (PIE), Central Expressway (CTE), Bukit Timah Road, Dunearn Road and Newton Road.
“The property, which is held by a family, presents an exceptional opportunity for immediate redevelopment, without having to deal with the uncertain timeline for a collective sale,” said Swee Shou Fern, Executive Director of Investment Advisory Services at Edmund Tie.
“The palatable quantum and strategic location of the site further enhance the appeal of the property for developers.”
The tender for the site closes on 27 October.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
