Freehold Residential Site Dublin Road Sale Tender 498 Mil
A prime residential site situated on Dublin Road in District 9 is currently available for sale through tender, with a guide price of $49.8 million. The site comprises three adjoining land plots: 14 and 16 Dublin Road, and a strip of private land. Currently, the site is occupied by a pair of three-storey semi-detached houses constructed in the mid-1950s.
The three land plots have a combined area of approximately 19,919 square feet and are zoned for residential use with a plot ratio of 1.4. This allows for a maximum building height of five storeys, with a gross floor area (GFA) of around 27,886 square feet based on the plot ratio.
Shaun Poh, executive director of capital markets at Cushman & Wakefield (C&W), who is managing the sale, believes that the site is well-suited for redevelopment into a boutique residential project or serviced apartments, subject to approval from relevant authorities.
According to C&W, the properties are exempt from the minimum dwelling size requirement of 85 square meters (914 square feet) due to their location within Singapore’s Central Area. This could potentially result in the development of approximately 50 apartments ranging from 430 to 753 square feet, with a building efficiency of 90%.
The guide price of $49.8 million for the site equates to a land rate of $1,786 per square foot per plot ratio (psf ppr), as stated by C&W. “With a high development baseline, no land betterment charge (LBC) is payable up to a plot ratio of 1.4,” it adds. After factoring in the 7% bonus GFA for balconies, the land rate would decrease to $1,740 psf ppr, with a nominal LBC payable.
The site is conveniently located within walking distance of the Orchard Road shopping belt and Somerset MRT Station on the North-South Line. It is also in close proximity to primary schools such as St Margaret’s School (Primary) and River Valley Primary School, which are within a 1km radius, as well as Anglo-Chinese School (Junior) and Farrer Park Primary School, which are within a 2km radius.
On June 27, a press release was issued by the co-owners of Parktown Residence, revealing exciting plans for the future development. The highly-anticipated project is set to introduce an estimated total of 1,190 residences, as well as various commercial and communal offerings, perfectly tailored to meet the demands of the expanding Tampines North community. This remarkable Parktown Residence Condo will soon become a vibrant hub, catering to the diverse lifestyle preferences of its residents.
The tender for this site will close on October 29 at 3pm.