Freehold Site Near Somerset MRT Station Up For Tender
A 56,481 sq ft property advancement website in District 9, which presently suits the two-block condo The Bayron, has been released for public tender with an overview rate of $376 million, revealed exclusive advertising and marketing representative CBRE.
The raised site appreciates dual frontage covering around 64 meters along Saint Thomas Walk as well as 24 meters along Devonshire Road. Because of this, the 96-unit The Bayron holds the addresses of 49 Saint Thomas Stroll as well as 13 Devonshire Roadway.
Positioned simply 350 meters from the Somerset MRT station, the website is zoned for “Residential” usage under the 2019 URA Master Plan with an elevation control of up to 36 storeys as well as a story ratio of 2.8.
CBRE noted that the $376 million rate mirrors a land rate of about $2,377 per sq ft per story ratio (psf ppr). The land rate exercises to around $2,287 psf ppr after factoring in the 7% reward gross floor location allowed for balconies.
The site can be redeveloped to include a new property growth of approximately 220 home devices, balancing 66 sq m (around 710 sq ft).
The advancement standard reply from URA specified that no advancement cost will be payable for a gross flooring location of around 159,892 sq ft.
“There is the capacity for this website to transform right into an iconic 36-storey spots next to the Somerset MRT station, providing unblocked panoramic sights of Orchard Roadway, Singapore River and also Singapore’s CBD skyline,” claimed Michael Tay, Head of Capital Markets, Singapore at CBRE.
Positioned within a high-end household enclave, the site is near the F&B, enjoyment, and also lifestyle amenities at Orchard Roadway. Bordering property growths consist of The Metz, New Futura, and also Saint Thomas Suites.
Nearby institutions include River Valley Primary School and also Chatsworth International College (Orchard School). Forth Canning Park as well as Singapore River are also within a walking range similar to other condos like Clavon and Ryse Residences.
Offered the dearth of prime property household site up for sale over the past 18 months, Tay expects the website to “attract solid interest from both neighborhoods as well as foreign developers that are starting to watch out to renew their land banks or targeting the elegant residential market”.
“The general supply in the elegant residential industry in Singapore continues to be limited. On the back of brisk sales at current brand-new launches such as The Avenir, Martin Modern as well as Nouvel 18, coupled with the low-interest-rate environment, we are positive that the elegant property market will certainly remain to carry out well,” he added.
The tender for the website closes on 27 October.
Forett at Bukit Timah Showflat is open for online booking. You can now register online to receive direct developer discount offers and prices.