Sixth Avenue Centre tries for collective sale again, at $86 mil

By
/ EdgeProp Singapore
|
July 3, 2018 4:20 PM SGT
Sixth Avenue Centre is up for collective sale by tender for the second time, this time at a reserve price of $86 million, according to marketing agent Savills Singapore.
It was previously launched for collective sale on Jan 3, with a $90.5 million guide price.
Based on the allowable gross floor area (GFA) of about 45,028 sq ft, the reserve price translates into a land rate of $1,922 psf ppr, including a small development charge of about $557,000.
An application has been made to Singapore Land Authority (SLA) for amalgamation of an adjoining state land parcel. If approval is granted, the subject site will be enlarged, and the effective land rate reduced.
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For price trends, recent transactions, other project info, check out the Sixth Avenue Centre project details page
Sixth Avenue Centre on Bukit Timah Road is up for a collective sale again, this time at a lower reserve price. (Credit: Savills Singapore)
The Sixth Avenue Centre site is zoned “commercial & residential” with a gross plot ratio of 3.0 under the 2014 Master Plan. It may be developed up to 5 storeys.
Subject to approvals by the relevant authorities, the site can potentially accommodate a development with shops and 35 apartments averaging 753 sq ft each. The total GFAs will be 18,011 sq ft and 27,017 sq ft respectively. In-principle approval from the relevant authorities has been obtained for a serviced apartment and commercial development.
Completed in the mid-1980s, Sixth Avenue Centre is a freehold mixed-use development which consists of 7 shops and 18 apartments. It occupies a prominent corner plot of 1,394.4 sq m (or 15,009 sq ft) at the junction of the main Bukit Timah Road and Sixth Avenue.
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The tender for Sixth Avenue Centre will close on July 25.
Check the latest listings near Sixth Avenue Centre