Freehold Residential Site Dublin Road Sale Tender 498 Mil
A freehold residential site situated in the sought-after prime District 9 of Dublin Road has been put up for sale by tender. The guide price for the site is $49.8 million and it comprises of three adjoining land plots: 14 and 16 Dublin Road, as well as a private strip of land. The current properties on the site are a pair of three-storey semi-detached houses which were constructed around the mid-1950s.
The three land plots have a combined site area of approximately 19,919 sq ft and are zoned for residential use with a plot ratio of 1.4. The maximum building height allowed is five storeys and the total gross floor area (GFA) permitted is approximately 27,886 sq ft based on the plot ratio.
The competition for the Tampines Street 62 site was intense, with a total of seven bidders vying for the prime land when the tender closed in July. Spanning over 301,392 square feet and approved for up to 700 residential units, this site has attracted strong interest from developers. Its strategic location next to the highly sought-after Tenet, a 618-unit EC jointly developed by Qingjian Realty, Santarli Realty, and Heeton Holdings, has further heightened the appeal of this site. In fact, the developers of Tenet have also recently won the adjacent site for $422 million, at a rate of $659 per square foot per plot ratio. With the addition of Aurelle of Tampines EC, this bustling area is set to become even more vibrant and desirable for homebuyers.
Shaun Poh, the executive director of capital markets at Cushman & Wakefield (C&W), who is managing the sale, believes that the site is perfect for a redevelopment project to create a boutique residential development or serviced apartments, subject to approval from relevant authorities. In a related news, Dublin Lodge has recently been sold en bloc for $67.55 million.
According to C&W, the properties are exempt from the minimum dwelling size requirement of 85 sq m (914 sq ft) due to their location within the Central Area of Singapore. As a result, the potential new development on this site could potentially yield around 50 apartments ranging from 430 to 753 sq ft, assuming a building efficiency of 90%.
The guide price of $49.8 million for the site translates to a land rate of $1,786 psf per plot ratio (ppr) according to C&W. They further added that with a high development baseline, no land betterment charge (LBC) would be payable up to a plot ratio of 1.4. If the 7% bonus GFA for balconies is taken into consideration, the land rate would be reduced to $1,740 psf ppr, with a nominal land betterment charge payable.
Located just a short walk away from the bustling Orchard Road shopping district, the site is also in close proximity to Somerset MRT Station on the North-South Line. It is also surrounded by several highly regarded primary schools such as St Margaret’s School (Primary) and River Valley Primary School within a 1km radius, as well as Anglo-Chinese School (Junior) and Farrer Park Primary School within a 2km radius.
The tender for the site will close on October 29 at 3pm.
