Freehold site at Devonshire Road up for sale again, priced from $50 mil
By Timothy Tay
/ EdgeProp Singapore |
An artist impression showcasing what a potential hotel development might look like if built on the site. (Picture: ERA)
SINGAPORE (EDGEPROP) - A vacant freehold site at 6,8,10 Devonshire Road has been put up for sale by expression of interest. According to ERA Realty Network, this site has an indicative price of $50 million. ERA Realty is the sole marketing agent for the expression of sale exercise which will be launched on April 28.
According to a press release by ERA on April 26, the land for sale comprises five plots with a combined site area of 5,370 sq ft. Under the latest URA Master Plan, the site is zoned for hotel use with a gross plot ratio of 2.8.
The site currently has approval to be potentially redeveloped into a six-storey hotel development with 44 rooms of about 183 sq ft each.
It is not the first time this site has been put up for sale. In December 2021, EdgeProp reported that the site had been launched for sale with a guide price of between $30 million and $35 million. At the time, the mortgagee sale of the site was managed by the auction team at Knight Frank, but that tender closed without any successful bids on Feb 11 this year.
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In 2012, the site was originally slated for redevelopment into a six-storey apartment project called Devonshire 8 by developer Ivy Lee Realty. The development company failed to meet credit repayments and court liquidators proceeded to sell the site for $25.9 million in July 2016.
The launch of 6,8,10 Devonshire Road comes two days after a neighbouring freehold development at 118 Killiney Road was also put up for sale. That six-storey building has an asking price of $76 million and is marketed by Edmund Tie.
The site at 118 Killiney Road is zoned “Residential with Commercial at 1st Storey” under the latest Master Plan. It has also been marketed as a redevelopment opportunity for hospitality investment. The tender for this site closes on June 1. (Find Singapore commercial properties with our commercial directory)
Just one building away at 110 Killiney Road is the former Tai Wah Building which was sold en bloc to Lucrum Capital for $84.89 million in November 2017. As of December 2021, the private equity investment firm says that it is proceeding with the construction of a six-storey hotel with 115 rooms. (See potential condos with en bloc calculator)
So far, 6,8,10 Devonshire Road and 110 Killiney Road are the only redevelopment sites in the vicinity that are zoned for hotel use.
“It is rare to see a freehold hotel development site being offered in the market where a niche boutique hotel can be curated from scratch. Hence, we expect to see keen interest from property developers, hospitality operators, and institutional funds,” says Donald Goh, director, Capital Markets and Investment Sales, ERA Realty.
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