SINGAPORE - Three residential properties close to Orchard Road have been put on the market.
The freehold residential buildings are estimated to fetch S$200 million in total.
The buildings are owned by a group of investment holding companies. JLL and CBRE have been appointed as joint agents for the sales.
The 12-storey block at 3 Cuscaden Road was built in the early 1990s, with 11 units of generous 4-bedroom apartments. The building is a stone's throw from the Ion Orchard mall and Orchard MRT station.
"Given the age of the building and potential building height and plot ratio, this property is ripe for redevelopment into a modern luxurious high-rise residential tower with, for example, 30 units of 2,000 sf apartments," said Mr Karamjit Singh, head of residential at JLL Singapore.
He added that the property could attract offers of more than S$100 million, which translates to about S$1,900 per square foot per plot ratio (psf pr).
The other properties are at 120 Grange Road and 8 Hullet Road.
The 11-storey block of 18 flats at 120 Grange Road is near the upcoming Orchard Boulevard MRT station, which is part of the Thomson-East Coast Line, while the property at 8 Hullet Road, which is the smallest of three, is a 10 storey block with 18 apartments within walking distance to Somerset MRT station.
These two properties are "excellent" for investors, given their "boutique scale and rentability", said Mr Jeremy Lake, executive director at CBRE Singapore. He said he expected offers within the ballpark figures of S$50 million for the Grange Road property and S$35 million for the Hullet Road building.
The investment company also owns two apartments at The Claymore, which will be sold exclusively by JLL.
Mr Lake said he expected strong interest in the properties as sentiment has improved and demand for prime residential properties has picked up.
The tender exercise for the three buildings close on November 2 at 2.30pm.