The properties comprise eight walk-up apartments, four ground floor shops, and a driveway plot. The price translates to $1,504 psf ppr. (Picture: JLL)
SINGAPORE (EDGEPROP) - Three adjoining mixed-use redevelopment sites near the Botanic Gardens MRT station have been sold in a collective sale for $53.9 million to Hillcrest Investments, an affiliate of Royal Golden Eagle (RGE) Group. JLL was the sole marketing agent for the collective sale.
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The price translates to approximately $1,504 psf per plot ratio. All the owners agreed to the sale which means that no Strata Titles Board application for a sale order is needed.
The site is located at 551/A/B/C to 553 Bukit Timah Road and 6/A/B/C to 8/A/B Duke’s Road, and comprises eight walk-up apartments, four ground floor shops, and a driveway plot. The entire plot is bounded by Duke’s Road, Queen’s Road, and Bukit Timah Road, with road access from Duke’s Road.
Under the 2019 Master Plan, the entire 16,479 sq ft freehold site is zoned ‘Residential & Commercial’ with a gross plot ratio of 3.0 and an allowable height of up to five storeys. It is about 300m from the Botanic Gardens MRT station, and popular schools within 1km of the site are Nanyang Primary School, Raffles Girls’ Primary School and Saint Margaret’s Secondary School. (Find Singapore commercial properties with our commercial directory)
The site was initially listed for sale in January 2021 with a guide price of $62.5 million, however the tender closed without a successful bid and the site was relaunched for sale in October 2021 with a lower guide price of $53.8 million.
“The tender for the site received good interests with the lowered reserved price for this second exercise. There were three formal tender submissions received at the close of the tender,” says Tan Hong Boon, executive director at JLL.
“(This) District 10 property offers strong redevelopment potential given its location along Bukit Timah Road with access to Coronation Plaza, Botanic Gardens and prestigious educational institutions. This latest acquisition continues RGE’s commitment to strategically invest in properties with transformative potential,” says Tey Wei Lin, president, RGE.
RGE previously acquired Chinatown Plaza in an enbloc deal and is redeveloping that site into Mondrian Singapore, a luxury lifestyle hotel that is set to be completed in 2023.
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