SINGAPORE - Mixed-use development site Goh & Goh Building in Upper Bukit Timah Road has been put up for collective sale with an asking price of at least S$120 million.
Built in the late 1980's, the freehold four-storey development comprises seven apartments and seven shops.
More than 80 per cent of the building's owners have consented to this first attempt at a collective sale, marketing agent JLL said on Tuesday (Feb 28).
The site is next to the Beauty World MRT station, and near Beauty World Centre and Bukit Timah Shopping Centre.
"We expect Goh & Goh Building to appeal to developers looking to replenish their land bank in a strong growth area such as this - an established residential and commercial centre, yet with new amenities and future infrastructure being planned around it," said Mr Tan Hong Boon, regional director at JLL.
Mr Tan noted that some of the neighbouring land parcels have been earmarked for new hotels, hospitals, residential and mixed-use developments.
Apart from the asking price, the prospective developer will also have to pay a state development charge estimated to be around S$15 million for the redevelopment of the site, JLL added.
Taken together, it translates to a land rate of about S$1,460 per square foot per plot ratio (psf ppr) of the potential gross floor area, before factoring in the 10 per cent bonus balcony gross floor area for the residential component.
Under the 2014 Master Plan, the 30,874 sq ft site is zoned 'residential with commercial on the first storey' with an allowable gross plot ratio of 3.0.
Mr Tan said: "The site of Goh & Goh Building has an excellent 60-metre frontage onto the main road, ideal for shops and F&B outlets. Depending on the proposed design and configuration, a developer is expected to be able to accommodate close to 100 residential units with an average size of 70 sqm on the site, in addition to the shops on the ground level."
The tender exercise for closes on March 28 at 2.30pm.