SINGAPORE (THE BUSINESS TIMES) - Two residential properties in Devonshire Road - The Bayron, a condominium, and Devonshire Apartment, a serviced apartment tower - have been put up for sale by exclusive marketing agent CBRE.
The guide prices for the two developments, which are next to each other, are $376 million for The Bayron and $66 million for Devonshire Apartment.
Both freehold properties have been zoned for residential use under the Urban Redevelopment Authority's Master Plan 2019.
The Bayron, which has dual addresses at 13 Devonshire Road and 49 Saint Thomas Walk, has 96 units spread over two blocks, with a total strata floor area of 112,300 sq ft. This brings its price per square foot (psf) to approximately $2,377 per plot ratio.
With a plot ratio of 2.8 and a height control of up to 36 storeys, the site has a gross floor area of 159,893 sq ft, or 169,218 sq ft after taking into consideration the 7 per cent bonus gross floor area for balconies, CBRE said.
Mr Michael Tay, head of capital markets in Singapore at CBRE, believes the condominium is a "rare opportunity for developers seeking quality freehold sites at a strategic location"; because of its central location, the site is not bounded by the 85 sq m restriction on the number of housing units.
"This gives developers the flexibility in configuring the new development to accommodate units of a smaller size, which will be attractive and affordable to buyers who may be looking to downsize and retire, and millennials seeking smaller dwelling units in a prime, yet extremely connected, location," he said.
Located near Somerset MRT station, The Bayron is also close to several retail amenities, such as 313 @ Somerset, Orchard Central, Mandarin Gallery and Ngee Ann City, and nearby educational institutions include Chatsworth International School (Orchard Campus) and River Valley Primary School.
The property is available via a public tender exercise, which will close at 3pm on April 6.
The eight-storey Devonshire Apartment at 17 Devonshire Road has an allowable plot ratio of 2.8.
With its $66 million guide price, the psf per plot ratio price is $2,356, based on the maximum allowable gross floor area of 31,688 sq ft.
The 12-unit tower is now fully leased to a single operator, and can provide a stable stream of reasonable income for the eventual owner, said Mr Tay.
The potential owner may also opt to redevelop the site by paying a development charge of $8.65 million, subject to the authorities' confirmation on development baseline and review of development rates.
Mr Tay said it is rare that apartments near the Orchard Road shopping belt come on the market at a "palatable" investment quantum below $100 million.
"Therefore, we expect this site to garner strong interest from both local and foreign investors and hospitality end-users, as well as developers who are starting to replenish their land banks or targeting the luxurious residential market."
The apartment tower is available for sale via an expression of interest exercise, which closes at 3pm on April 6.
