Freehold Residential Site Dublin Road Sale Tender 498 Mil
A residential property located on Dublin Road in a prime area of District 9 is currently on the market for sale by tender. The guide price for the freehold site is set at $49.8 million and includes three adjacent land plots: 14 and 16 Dublin Road, as well as a strip of private land. The existing site is occupied by two semi-detached houses, both of which were constructed in the mid-1950s.
With a combined area of approximately 19,919 square feet, the three plots are zoned for residential use with a plot ratio of 1.4. The building on the site can reach a maximum height of five storeys, resulting in a potential gross floor area (GFA) of about 27,886 square feet when considering the plot ratio.
Shaun Poh, the executive director of capital markets at Cushman & Wakefield (C&W), is overseeing the sale and notes that the site is an ideal candidate for redevelopment into a boutique residential project or serviced apartments, subject to approval from relevant authorities.
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C&W also confirms that the properties are exempt from the minimum dwelling size requirement of 85 square meters (914 square feet) due to their location in Singapore’s Central Area. As a result, the new development on the site could potentially yield around 50 apartments ranging in size from 430 to 753 square feet, assuming a building efficiency of 90%.
According to C&W, the guide price of $49.8 million for the site translates to a land rate of $1,786 per square foot per plot ratio (ppr). The firm also mentions that due to a high development baseline, no land betterment charge (LBC) will be payable up to a plot ratio of 1.4. Factoring in the 7% bonus GFA for balconies, the land rate would be reduced to $1,740 per square foot ppr, with a nominal land betterment charge to be paid.
The site is located within walking distance of the Orchard Road shopping district and the Somerset MRT Station on the North-South Line. It is also in close proximity to primary schools such as St Margaret’s School (Primary) and River Valley Primary School, which are within a 1km radius, as well as Anglo-Chinese School (Junior) and Farrer Park Primary School, which are within a 2km radius.
Interested parties can submit their tender bids by October 29 at 3pm.