Adjoining sites at Bukit Timah, Duke’s Road goes en bloc again with lower price

27-Oct-2021 Intellasia | PropertyGuru | 1:42 AM Print This Post
Adjoining sites at Bukit Timah, Duke's Road goes en bloc again with lower price
Adjoining sites at Bukit Timah, Duke's Road goes en bloc again with lower price

Located at 551 to 553 Bukit Timah Road and 6 to 8 Duke’s Road, the three adjoining mixed-use redevelopment sites has an asking price of $53.8 million. Source: Google Maps

The owners of three adjoining mixed-use redevelopment sites located at 551 to 553 Bukit Timah Road and 6 to 8 Duke’s Road, including a driveway, made a second attempt at en bloc sale.

This time they lowered their asking price to $53.8 million, reported The Business Times (BT) citing sole marketing agent JLL.

Including the development charge at a gross plot ratio of 3.0, the price works out to $1,502 per sq ft per plot ratio (psf ppr). This was assuming 60% of the gross floor area (GFA) would be for residential use, while the other 40% would be for commercial use.

During the first collective sale attempt in January 2021, the plots carried a guide price of $62.5 million or $1,658 psf ppr. This was based on the assumption that 80% of the GFA would be for residential use and the remaining 20% for commercial use.

BT noted that no Strata Titles Board application is needed for the sale since all owners have consented to the en bloc sale of their respective developments.

Zoned for residential and commercial use under the 2019 Master Plan, the 16,479 sq ft freehold site has an allowable height of up to five storeys.

The site at 551 to 553 Bukit Timah Road spans 7,727 sq ft, while the plot at 6 to 8 Duke’s Road, along with the driveway, measures 8,752 sq ft.

The entire property is bounded by Queen’s Road, Duke’s Road and Bukit Timah Road, near the Botanic Gardens MRT Interchange. The Orchard Road shopping belt is also a mere 10-minute drive via Stevens Road.

The property is also close to Coronation Plaza, Cluny Court, Serene Centre, Adam Road Food Centre as well as the Botanic Gardens.

Nearby schools include Raffles Girls’ Primary School, St Margaret’s Secondary School and Nanyang Primary School.

JLL Executive Director of Capital Markets Tan Hong Boon said the property could be redeveloped into a boutique development with 32 residential units averaging 85 sq m and retail units on the lower levels.

“The property market is now more vibrant compared to earlier this year. Developers are very actively looking for redevelopment sites as sales of their new units are moving steadily with their inventories running down,” he said as quoted by BT.

The latest tender for the sites closes on 2 December.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: [email protected]

 

Category: PRAsia, PropertyAsia

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