Tenders are being held for a freehold residential property at Gilstead Road, District 11, with an asking price $91.8 million
Edmund Tie, sole marketing agent, stated that the land rate is approximately $2,000.01 per square foot per plot ratio (psf.ppr), which includes the estimated development cost.
The 2019 Master Plan zones the 4,037.3 sqm (43,457 square feet) site for residential use at a plot ratio 1.4. The site could be redeveloped for up to 56 housing units subject to approval.
Edmund Tie pointed out that the property is surrounded with landed housing and Bukit Tunggal good-class bungalow (GCB). It is close to the Novena MRT Station and Newton MRT Interchange, as well as numerous amenities such as Novena Square and Balmoral Plaza.
Anglo-Chinese Schools (Primary), Anglo-Chinese Schools (Junior), and St. Joseph’s Institution Jr are all nearby schools.
It is easily accessible from other areas of Singapore by expressways and major roads, including Pan Island Expressway(PIE), Central Expressway(CTE), Bukit Timah Road (Bukit Timah Road), Dunearn Road (Dunearn Road) and Newton Road.
Swee Shou Fern is the Executive Director of Investment Advisory Services at Edmund Tie. She stated that “the property, which has been held by a familia, presents an extraordinary opportunity for immediate redevelopment without having to deal avec the uncertain timeline for a combined sale.”
Developers love the property’s attractiveness due to its strategic location and quantum.
The site tender closes on the 27th of October.