SINGAPORE - 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 S$99 million.
The tender for the site, located at 1-21A Jalan Molek and 217 to 223A Guillemard Road will close on March 20, 3pm.
The site comprises 15 two-storey terrace houses that are within walking distance from the Mountbatten, Dakota and Aljunied MRT stations, said Cushman & Wakefield, which has been appointed as the exclusive marketing agent for the sale.
It is zoned "residential/institution" with a plot ratio of 2.8, with the terrace houses sitting on a land plot of about 37,131 sq ft, with a baseline gross floor area (GFA) of around 77,071 sq ft.
It has the potential to be redeveloped into a new residential development with an allowable GFA of about 103,967 sq ft, said 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 S$99 million with a development charge of about S$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 S$993 per sq ft per plot ratio," said Shaun Poh, executive director of capital markets at Cushman & Wakefield.
Cushman & Wakefield said that the site can be redeveloped into a condominium project in an established residential enclave in the eastern part of Singapore that is within a 10-minute drive to 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 car park at the first storey and basement, a communal swimming pool at the second storey, and a communal landscape roof at the sixth storey.