A three-storey freehold bungalow along Jervois Road in District 10 has been put up for sale by tender, according to marketing agent Knight Frank.
With a land area of around 14,824 sq ft, the site is zoned residential with a gross plot ratio of 1.4 and a height limit of five-storeys under the 2008 Master Plan. Built in 1993, the bungalow is designed in period architecture and comprises six bedrooms, a basement entertainment room, rooftop open terrace and commercial stainless steel kitchen among others.
The site could be redeveloped into a new bungalow, conventional or cluster landed homes or five-storey apartments. Prospective buyers may also “amalgamate the subject property with an adjoining private plot of land, of approximately 7,750 sq ft, subject to availability”, Knight Frank said.
Meanwhile, the property’s seller expects offers of more than S$30 million, which translates to S$2,024 psf on the land area.
“From a redevelopment perspective, this is equivalent to a land rate of approximately S$1,674 psf per plot ratio (psf ppr), including an estimated development charge of approximately S$4.7 million for redevelopment of apartments up to a GPR of 1.4,” said Ian Loh, Director & Head of Investment and Capital Transactions at Knight Frank.
“We expect this property to attract strong interest in view of its strategic location and relatively affordable investment size. It also offers quick turnaround time for prospective purchasers as there is no STB approval required, and vacant possession can be delivered upon completion of sale,” Loh added.
The tender for the bungalow closes on 5 November.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email firstname.lastname@example.org