SINGAPORE (EDGEPROP) - Three adjoining mixed-use redevelopment sites near the Botanic Gardens MRT Station have been relaunched for sale.
JLL, which is the sole marketing agent, has relaunched Nos. 551 to 553 Bukit Timah Road, Nos. 6 to 8 Duke’s Road and a driveway for a comprehensive redevelopment in the prime District 10 for sale by tender.
The sites come at a lower revised price of $53.8 million, compared to the previous guide price of $62.5 million when it was listed for sale on Jan 26.
All the owners have agreed to the collective sales of the respective developments, which means no Strata Titles Board application for a sale order is required.
Under the URA Master Plan 2019, the freehold 16,479 sq ft site is zoned for residential and commercial use with a gross plot ratio (GPR) of 3.0 and an allowable height of up to five storeys. (Find Singapore commercial properties with our commercial directory)
Based on the total guide price for the three plots at $53.8 million, and assuming 60% of the gross floor area for residential and 40% for commercial use, the unit land price reflects approximately $1,502 psf per plot ratio inclusive of a development charge at the GPR of 3.0.
The development consists of four shops and eight walk-up apartments.
The property is bounded on three sides – Duke’s Road, Queen’s Road and Bukit Timah Road – with the current access taken from Duke’s Road.
It has a bus stop directly in front and is just 300m away from the Botanic Gardens MRT Station on the Downtown and Circle Lines. The Adam Road Food Centre and Botanic Gardens are just a five-minute walk away.
Popular schools such as Nanyang Primary School, Raffles Girls’ Primary School and St Margaret’s Secondary School are within 1km of the site.
Situated at the city fringe along the stretch of Bukit Timah Road, the property is well connected to the rest of Singapore via the Pan Island Expressway and major roads such as Dunearn Road, Bukit Timah Road and Farrer Road.
The tender exercise for the three adjoining plots closes at 3pm on Dec 2.