Corporate owner of Three Buckley offers development for $41 mil
By Timothy Tay
/ EdgeProp |
A company which owns Three Buckley, a residential development on Buckley Road in prime District 11, has put it up for sale. The asking price for the 11-unit development is $41 million, or $1,657 psf on the gross floor area, according to marketing agent Edmund Tie & Company (ET&Co). The unnamed company had bought Three Buckley from the developer, Gazelle Land.
The property sits on a 15,550 sq ft, freehold site, and comprises duplex units of about 2,200 sq ft each. Since most of the units are tenanted, the property offers stable rental income, says Tan Chun Ming, senior director of investment advisory at ET&Co. A future en bloc or redevelopment plan may also be an ideal exit strategy, he adds. The development was completed in 2010.
The asking price for the 11-unit development is $41 million, or $1,657 psf on the gross floor area (Picture: CBRE)
Located off Newton Road, Three Buckley is close to the Orchard Road shopping belt and the Central Business District, while prominent schools like Anglo-Chinese School (Barker Road) and St Joseph’s Institution Junior are also close by. Other nearby developments include Newton Food Court, Novena Square, Square 2, and Oasia Hotel Novena.
Interested parties may submit bids for single or multiple strata units. The expression of interest exercise closes on Nov 8.
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