A 9,999-year leasehold residential site in Guillemard Road/Jalan Molek has been put up for sale by a single, unnamed owner at an indicative price of $99 million.
The tender for the site, comprising 15 two-storey terraced houses located at 1 to 21A Jalan Molek and 217 to 223A Guillemard Road, will close at 3pm on March 20.
The site is within walking distance of the Mountbatten, Dakota and Aljunied MRT stations, said Cushman & Wakefield, which has been appointed the exclusive marketing agent for the sale.
It is zoned "residential/institution" with a plot ratio of 2.8. The terraced houses sit on a land plot of about 37,131 sq ft, with a baseline gross floor area (GFA) of about 77,071 sq ft.
The site has the potential to be redeveloped into a new residential development with an allowable GFA of about 103,967 sq ft, according to Cushman & Wakefield.
With the inclusion of a 10 per cent bonus balcony area, the maximum GFA will be increased to about 114,364 sq ft.
"At the indicative price of $99 million with a development charge of about $14.6 million to maximise the GFA, including the additional 10 per cent bonus balcony, the land rate for the 9,999-year site will come up to approximately $993 per sq ft per plot ratio," said Mr Shaun Poh, executive director of capital markets at Cushman & Wakefield.
The firm said the site can be redeveloped into a condominium project in an established residential enclave in the eastern part of Singapore that is a 10-minute drive from the Central Business District and Orchard Road.
It added that provisional permission has already been obtained for the proposed erection of a part-five/part-eight storey residential development with attic for a total of 137 units, as well as a carpark on the first storey and basement, a communal swimming pool on the second storey, and a communal landscape roof on the sixth storey.
Separately, Pomex Court in 50, Lorong 101, Changi Road is being put up for collective sale, with a minimum price of $37 million or $998 per sq ft per plot ratio.
The tender launch is today, said Century21, which is handling the sale.
It will close at 3pm on March 21.
Built in 1986, Pomex Court is a freehold residential site in District 15 that sits on 26,471 sq ft of land. Its nearest MRT stations are Eunos and Paya Lebar.
The site is zoned for residential use with a 1.4 gross plot ratio, which means that it can be redeveloped into a building of up to five floors.
Based on the minimum price of $37 million, each unit can receive a sum of between $1,529,447 and $2,273,312.
Century21 said the collective sale marks a rare opportunity for redevelopment within Joo Chiat estate, Singapore's first heritage town.