Prime residential site along Saint Thomas Walk on the market for $68 mil

By
/ EdgeProp
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May 30, 2018 11:45 AM SGT
A prime, freehold site on Saint Thomas Walk in District 9 is on the market for $68 million for sale by tender, announced sole marketing agent Edmund Tie & Company (ET&Co). The 12,809 sq ft property is owned by a single family. The asking price reflects a land rate of $2,190 psf per plot ratio, including an estimated development charge of $10.56 million, payable to intensify the plot ratio to 2.8.
So far this year, there have been brisk sales at new residential projects in the vicinity like Gramercy Park, New Futura, and Martin Modern, says Tan Chun Ming, ET&Co’s senior director of investment advisory. “These positive take-ups highlight the confidence of the market in the luxury and high-end residential segment. This property, given its single-owner status, provides certainty in completion timeline, offering developers the opportunity to leverage on the current upbeat market sentiments,” he asserts.
As the property is in the Central Area, the usual restriction on the maximum number of dwelling units, based on an average unit size of 70 sq m or 100 sq m, does not apply and there is no specific cap on the number of dwelling units. Under the 2014 Master Plan, the site has a gross plot ratio of 2.8. It could be redeveloped into a high-rise boutique development with a maximum height of 36 storeys, subject to approvals.
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The tender exercise will close on July 3.