Kaeden Ong

Three adjoining Bukit Timah freehold properties up for sale

Posted by Kaeden Ong on 12th March 2014 in Blog

Three adjoining Bukit Timah freehold properties up for sale

[SINGAPORE] Three adjoining freehold properties along Queen’s Road and Duke’s Road are up for tender, with the seller expecting offers above $45 million.

Three adjoining Bukit Timah freehold properties up for sale

The residential site in Bukit Timah has a combined land area of 25,425 square feet. With a plot ratio of 1.4, it can yield a maximum permissible gross floor area of 35,595 square feet.

Knight Frank, the site’s marketing agent, assumes a $5.8 million development charge for redeveloping apartments with a gross plot ratio of up to 1.4, which translates to $1,430 per square feet per plot ratio (psf ppr).

The District 10 site offers double frontages of 42 metres’ width onto both Queen’s Road and Duke’s Road.

Since the three properties are owned by the same seller, Strata Titles Board approval is not required for the sale, which thus “offers a quick turnaround time for prospective purchasers”, says Ian Loh, Knight Frank Singapore’s director and head of investment and capital markets. He adds: “We expect this property to attract strong interest in view of its strategic location and relatively affordable investment size.”

The site is nestled in the school belt comprising Hwa Chong Institution, National Junior College, Nanyang Girls’ High School and St Margaret’s Secondary School.

Separately, Knight Frank is also marketing two adjoining ground-floor shops in Thomson Plaza with total strata retail space of about 14,000 sq ft.

Guide prices range from $3,500 to $3,600 per sq ft.

Sale of the shops will be via Expression of Interest and is subject to the existing restaurant and lifestyle store tenants. The three-storey mall serves private estates such as Thomson Park and The Windsor, and public estates such as Ang Mo Kio and Shunfu.

Mary Sai, executive director of investment and capital markets at Knight Frank Singapore, believes that “with the upcoming Upper Thomson MRT Station, the improved accessibility will enhance the value (of the retail space) in the long term”.

The Expression of Interest for the Thomson Plaza retail space closes at 3pm on April 8, and the tender for the Bukit Timah properties at 3pm on April 9

Credit STproperty

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