A freehold residential site located on Dublin Road in prime District 9 is up for sale by tender with a guide price of $49.8 million. The site comprises three adjoining land plots: 14 and 16 Dublin Road, and a strip of private land.  The site is currently occupied by a pair of three-storey semi-detached houses that were built around the mid-1950s.

The three land plots have a combined site area of about 19,919 sq ft that is zoned for residential use with a plot ratio of 1.4. It has an allowable building height of up to five storeys, with a maximum gross floor area (GFA) of about 27,886 sq ft based on the plot ratio.

Shaun Poh, executive director of capital markets at Cushman & Wakefield (C&W), who is handling the sale, says the site is ideal for redevelopment into a boutique residential project or serviced apartments, subject to approval from authorities.

Read also: En bloc sale of Dublin Lodge for $67.55 mil

According to C&W, the properties are exempt from the minimum dwelling size requirement of 85 sq m (914 sq ft) due to their location within Singapore’s Central Area. As a result, the new development on the site could potentially yield around 50 apartments ranging from 430 to 753 sq ft, assuming a building efficiency of 90%.

The guide price of $49.8 million for the site translates to a land rate of $1,786 psf per plot ratio (ppr), says C&W. “With a high development baseline, no land betterment charge (LBC) is payable up to a plot ratio of 1.4,” it adds. Factoring in the 7% bonus GFA for balconies, the land rate would be reduced to $1,740 psf ppr, with a nominal land betterment charge payable.

The site is a short walk from the Orchard Road shopping belt and Somerset MRT Station on the North-South Line. It is also close to primary schools such as St Margaret’s School (Primary) and River Valley Primary School, which are within a 1km radius, as well as Anglo-Chinese School (Junior) and Farrer Park Primary School, which are within a 2km radius.

The tender will close on Oct 29 at 3pm.