Three adjoining mixed development sites near Botanic Gardens for collective sale at $62.5 mil

SINGAPORE (EDGEPROP) - Three adjoining, mixed-use redevelopment sites near the Botanic Gardens MRT Interchange Stations — 551 to 553 Bukit Timah Road, 6 to 8 Duke Road and a driveway — have been put up for sale by tender. All the owners have agreed to the collective sales of their respective freehold developments, which means that no Strata Title Board application for a sale order is required.

The development at 551 to 553 Bukit Timah Road has a land area of 7,727 sq ft with a guide price of $30 million. It consists of two shop units and three walk-up apartments.

The units at 6 to 8 Duke’s Road comprise two shops and five walk-up apartments. Together with the driveway, the units measure 8,752 sq ft and have a guide price of $32.5 million.

When combined, the three freehold sites add up to 16,479 sq ft of land. The sites in prime District 10 are zoned “residential & commercial” with a gross plot ratio of 3.0, and an allowable height of up to five storeys under URA Master Plan 2019.

The combined plot will be bounded by Duke’s Road, Queen’s Road and Bukit Timah Road. It has a bus stop directly in front of it and is only 300m from Botanic Gardens MRT Interchange Station on the Downtown Line and Circle Line. It is also accessible via major roads such as Dunearn Road, Bukit Timah Road and Farrer Road, and is 10 minutes by car to Orchard Road. Schools within 1km include Nanyang Primary School, Raffles Girls’ Primary School and Saint Margaret’s Secondary School.

Tan Hong Boon, executive director of Capital Markets at JLL, says: “Given its prominent corner plot with three frontages and easily accessible location, the property presents developers a rare opportunity to redevelop a boutique freehold development with over 40 residential units, averaging at 915 sq ft, with the ground floor for retail units.”

“We foresee receiving good responses from small to mid-sized developers for these Bukit Timah and Duke’s Roads plots,” he adds.

The tender exercise for the three adjoining plots closes on March 4 at 2.30pm.