The asking price, including the estimated development charge, translates to a land rate of about $2,001 psf per plot ratio.
Two freehold residential sites at 32 and 34 Gilstead Road have been put up for sale, with an asking price of $91.8 million. The asking price, including the estimated development charge, translates to a land rate of about $2,001 psf per plot ratio. Edmund Tie is the sole marketing agent.
Located in the Gilstead residential enclave in prime District 11, the regular-shaped 43,457 sq ft site is zoned ‘Residential’ under the 2019 Master Plan, with a plot ratio of 1.4. According to Edmund Tie, the site could be redeveloped into a residential condominium development with up to 56 units, subject to approval.
“The property, which is held by a family, presents an exceptional opportunity for immediate redevelopment, without having to deal with the uncertain timeline for a collective sale. The palatable quantum and strategic location of the site further enhance the appeal of the property for developers,” says Swee Shou Fern, executive director of investment advisory services, Edmund Tie.
The site is close to amenities in Novena including malls such as United Square, Novena Square, and Balmoral Plaza. Popular schools in the vicinity are Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), and St. Joseph’s Institution Junior.
The tender exercise for the property will close on Oct 27.