Savills Singapore, an exclusive marketing agent, has revealed that two freehold residential properties at Thiam Siew Avenue are available for public tender. Developers have the option of purchasing the sites individually or jointly.
The sites are located just off Tanjong Katong Road in prime District 15. They cover a combined area of approximately 263,794 sq.ft.
The North 135,359 square foot site has a maximum gross floor area of 379,006 and an estimated development cost of $145.7 million.
The South 128,435 square foot site has a maximum gross floor area of 359,618 square feet and an estimated development cost of $138.3million.
The North plot’s maximum allowed GFA is 405,536 sq feet. The South plot’s GFA is 384,791 square feet. The development cost for balconies is $20.2 million and $19.1million, respectively.
Based on an 85 sq m average area, the North land plot can house approximately 414 units. The South plot can hold 393 units. This is subject to approval by the relevant authorities.
According to Savills, the sites are “nested within an established residential enclave, enjoying proximity to a multitude of amenities at Katong Precinct which is rich with heritage and the Paya Lebar Central Precinct.”
These sites are served by Dakota MRT Station, Paya Lebar Interchange MRT Station, and are connected to all areas of Singapore via East Coast Parkway(ECP) or Pan Island Expressway.
Savills stated that the sites are “poised to benefit from their proximity to Paya Lebar Central Precinct (URA’s first Business Improvement Districts (BIDs) pilot programme, outside the CBD”.
Galven Tan, Savills Singapore’s Deputy Manager for Investment Sales and Capital Markets, said that developers can capitalize on the site’s excellent attributes to build one or two high-end projects.
He said that the tender offers developers certainty as it is not subjected to approval by the Strata Titles Board.
The closing date for tenders is 18 November.