Tai Wah Building launched for collective sale at $81 mil
By Angela Teo
/ EdgeProp |
Tai Wah Building at Somerset has been launched for collective sale by public tender. The asking price for the freehold property is $81 million, or $2,035 psf per plot ratio, according to marketing agent Edmund Tie & Company (ET&Co). 100% of the owners at Tai Wah Building have agreed to the collective sale, says ET&Co.
Under the 2014 Master Plan, the 13,148 sq ft site is zoned “Residential with Commercial at first storey”. Subject to authorities’ approval, the site can be redeveloped up to its existing gross floor area of 39,809 sq ft, exceeding the permissible plot ratio of 2.8 as laid out in the 2014 Master Plan.
Completed in the mid-1980s, the existing development is a four-storey building comprising six apartments and two shops. Located at Killiney Road, the Tai Wah Building site is within walking distance of Somerset MRT station and is also located within a 1km radius of River Valley Primary School.
Source: ET&Co
Swee Shou Fern, senior director of investment advisory at ET&Co, commented, “Freehold mixed-use sites near Orchard Road within prime District 9 are hard to come by. Properties with these attributes along Killiney Road are tightly held and rarely traded.” Swee adds that the 100% owners’ consent means certainty in deal completion timeline.
The tender exercise closes on Nov 15.
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