SINGAPORE - An prime freehold site located along Cuscaden Road, off Orchard Road, has just been put up for sale by tender.
The existing detached house is now being sold by the trustees of the estate of the late owner, who purchased it in the 1950s. JLL has been appointed by the trustees to market the property.
With a land area of 25,741 sq ft, the site is zoned 'Hotel' in the 2014 Master Plan, with an allowable gross plot ratio (GPR) of 4.2. The Urban Redevelopment Authority (URA) has said it is prepared to consider a redevelopment proposal into a 20-storey residential development.
In both proposals, commercial space on the first storey may be allowed. This offers purchasers with two distinct and attractive redevelopment options, subject to design, approval and payment of development charges.
Flanked by new high-rise developments, the property is located within a enclave 200 metres off Orchard Road. The immediate vicinity includes upscale developments such as The St Regis Singapore, St Regis Residences, Cuscaden Residences, Four Seasons Hotel, Orchard Parade Hotel, and Forum The Shopping Mall. The Orchard MRT station is within walking distance.
Mr Karamjit Singh, JLL's International Director, said: "This detached house stands out as one of the last remaining undeveloped plots at Cuscaden Road. Such opportunities to acquire development sites in and around Orchard Road, especially freehold ones, are rare to come by, be it for residential or hotel use."
The vendors are expecting offers in the region of $160 million to $170 million. Interested parties are invited to submit their tenders by 2.30 pm on May 12.