Updated from : The Business Times, 27 Jan 2021
THREE adjoining mixed-use redevelopment sites at 551 to 553 Bukit Timah Road, 6 to 8 Duke’s Road and a driveway have been put on the market via collective sale with a guide price of S$62.5 million.
The freehold 16,479 square foot (sq ft) site is zoned for residential and commercial use. It has a gross plot ratio of 3.0 and an allowable height of up to five storeys under the Urban Redevelopment Authority’s Master Plan 2019, sole marketing agent JLL said on Tuesday.
Assuming 80 per cent of the gross floor area (GFA) is for residential and 20 per cent is for commercial use, the unit land price is about S$1,658 per sq ft per plot ratio (psf ppr), inclusive of development charge at the gross plot ratio of 3.0.
After factoring in an additional 7 per cent bonus GFA for balconies for the residential component, the unit land rate will fall to S$1,621 psf ppr, inclusive of development charge.
Tan Hong Boon, JLL executive director of capital markets, said the property presents developers a rare opportunity to redevelop a boutique freehold development with over 40 residential units averaging 85 square metres with the ground floor for retail units.
JLL noted that all owners have agreed to the collective sale of their respective developments. This means no Strata Titles Board application for a sale order is needed.
The plot at 551 to 553 Bukit Timah Road has a land area of 7,727 sq ft and a guide price of S$30 million. It comprises two shop units and three walk-up apartments.
Meanwhile, 6 to 8 Duke’s Road, together with the driveway, has a land area of 8,752 sq ft and a total guide price of S$32.5 million. The development consists of two shops and five walk-up apartments. It houses popular brunch spot Atlas Coffeehouse.
The entire property is bounded by Duke’s Road, Queen’s Road and Bukit Timah Road and is 300 metres away from Botanic Gardens MRT Interchange. It is also a 10-minute drive to the Orchard Road shopping belt via Stevens Road.
Amenities including supermarkets, eateries and cafes are nearby as the property is in the vicinity of Coronation Plaza, Serene Centre and Cluny Court. It is also near Adam Road Food Centre and Botanic Gardens.
Schools within one kilometre of the site include Nanyang Primary School, Raffles Girls’ Primary School and St. Margaret’s Secondary School.
Mr Tan noted that with developers’ sales of their new units moving steadily, many have found their inventories running down and are on the lookout for small to mid-sized development sites amid the cautiously optimistic sentiments.
“We foresee receiving good responses from small to mid-sized developers for these Bukit Timah Road and Duke’s Road plots,” he said.
The tender exercise for the plots closes on March 4, 2.30pm.