Gilstead Court launches collective sale at $168 million

By Charlene Chin
/ EdgeProp |
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Owners of the 48-unit Gilstead Court have launched the freehold development for collective sale at the reserve price of $168 million.
The asking price reflects a land rate estimate of $1,590 psf per plot ratio (ppr). However, if the 10% additional gross floor area (GFA) for the balcony area is included, the land rate will be reduced to $1,445 psf ppr, says Tan Hong Boon, regional director at JLL, which is marketing the property. Further, there will be no development charge payable as the site has a high development baseline.
Under URA’s Master Plan 2014, the 75,479 sq ft site is zoned “residential” with a gross plot ratio of 1.4. With an allowable GFA of 116,237 sq ft, the site can be redeveloped into a five-storey boutique development featuring 140 apartments, subject to the authorities’ approval, says JLL.
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Gilstead Court, completed in 1978, lies on Gilstead Road in District 10. It is a ten-minute walk from Novena MRT station.
Across the road, the 24-unit Gilstead Mansion was launched for collective sale on May 30 at the reserve price of $68 million. This translates into a land rate of $1,565 psf ppr.
The tender for Gilstead Court will close on July 10.
Ask Buddy
Past Condo rental transactions
Condo projects with most expensive average PSF
Compare price trend of HDB vs Condo vs Landed
Compare price trend of Condo new sale vs EC new sale
Condo projects with most unprofitable transactions
Past Condo rental transactions
Condo projects with most expensive average PSF
Compare price trend of HDB vs Condo vs Landed
Compare price trend of Condo new sale vs EC new sale
Condo projects with most unprofitable transactions

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