Freehold site at Devonshire Road up for public tender at $376 mil

By Valerie Kor / EdgeProp Singapore | September 16, 2020 7:00 PM SGT
The Bayron condominium - EDGEPROP SINGAPORE
The freehold site is 350 meters from Somerset MRT station and can be redeveloped to a luxury development (Photo: CBRE)
SINGAPORE (EDGEPROP) - A 56,841 sq ft elevated freehold site in District 9 has been put up for public tender at an indicative guide price of $376 million, or $2,377 psf per plot ratio.
The site is 350 meters from Somerset MRT station. Currently, it accommodates 96-unit The Bayron condominium and holds the addresses to 13 Devonshire Road and 49 Saint Thomas Walk. It has dual frontage spanning around 24m along Devonshire Road and 64 meters along Saint Thomas Walk.
The site can be redeveloped to accommodate a brand new residential development of up to 220 apartments with an average unit size of around 710 sq ft. “There is a potential to build an iconic 36-storey landmark next to the Somerset MRT station, offering unblocked panoramic views of Orchard Road, Singapore River and Singapore’s CBD skyline,” says Michael Tay, head of capital markets, Singapore at CBRE, which will exclusively market the site.
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According to the development baseline reply from URA, there will be no development charge payable for a gross floor area of 159,892 sq ft.
The site enjoys tranquility in an upscale residential enclave while being near to the amenities and shopping malls at the Orchard Road shopping belt. Surrounding residential developments include The Metz, 8 Saint Thomas and New Futura. Nearby educational institutions include Chatsworth International School (Orchard Campus), and River Valley Primary School.
Tay says, “Given the dearth of prime freehold residential sites for sale in the last 18 months, we expect this site to attract strong interest from both local and foreign developers who are starting to look out to replenish their land banks or targeting the luxury residential market.”
He adds that CBRE is confident that the luxury residential sector will continue to perform well, judging from "brisk sales in recent months at The Avenir, Martin Modern and Nouvel 18.
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The public tender will close at 3pm on Oct 27.