A freehold residential redevelopment site in St Thomas Walk has been put up for sale by a single family for $68 million.
The asking price reflects a land rate of $2,190 per square foot per plot ratio, including an estimated development charge of $10.56 million to intensify the plot ratio to 2.8, said its marketing agent Edmund Tie & Company.
Located in prime District 9, the property has a land area of about 1,190 sq m or 12,809 sq ft, and is zoned for residential use at a gross plot ratio of 2.8 under the Urban Redevelopment Authority's (URA) Master Plan 2014.
Subject to regulatory approvals, the site can be redeveloped into a high-rise boutique project with a maximum height of 36 storeys.
As the property is in the central area, the usual restriction on the maximum number of dwelling units (based on an average unit size of 70 sq m or 100 sq m) does not apply and there is no specific cap on the number of dwelling units, according to URA's guidelines.
Edmund Tie & Company senior director of investment advisory Tan Chun Ming noted that in recent months, with improvements in the global economy, there have been brisk sales at new residential projects in the vicinity such as Gramercy Park, New Futura and Martin Modern.
"These positive take-ups highlight the confidence of the market in the luxury and high-end residential segment. This property, given its single-owner status, provides certainty in completion timeline, offering developers the opportunity to leverage the current upbeat market sentiments," Mr Tan said.
This property, given its single-owner status, provides certainty in completion timeline, offering developers the opportunity to leverage the current upbeat market sentiments.
MR TAN CHUN MING, Edmund Tie & Company's senior director of investment advisory, on the St Thomas Walk property.
The tender exercise for the site will close on July 3.