Sixth Avenue Centre up for collective sale at $90.5 mil
Sixth Avenue Centre at Bukit Timah was launched for collective sale on Jan 3. The guide price for the freehold, mixed-use redevelopment site is $90.5 million, including a development charge of about $526,000, according to marketing agent Savills Singapore. This works out to a land cost of about $2,022 psf per plot ratio (ppr).
The existing development comprises seven retail units and 18 residential units, and sits on a 15,009 sq ft site. Under the 2014 Master Plan, the site is zoned "Commercial & Residential" with a gross plot ratio of 3.0. This means that the property has an allowable gross floor area of about 45,028 sq ft.
According to Savills, Sixth Avenue Centre can be redeveloped into a new project comprising a retail component with 18,011 sq ft of GFA, as well as 35 apartments with a total GFA of 27,017 sq ft – subject to authorities’ approval. This is assuming an average size of 753 sq ft for each apartment.
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Sixth Avenue Centre is located within walking distance of Royalville and the residential Government Land Sales (GLS) site at Fourth Avenue, says Suzie Mok, senior director of investment sales at Savills Singapore. Last December, Allgreen Properties bought Royalville for $478 million ($1,960 psf ppr) and the Fourth Avenue site for $553 million ($1,540 psf ppr).
The tender closes on Jan 31.
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