A 56,841 sq feet elevated freehold website in District 9 was set up for public tender for an indicative guide cost of $376 million, or $2,377 psf per plot ratio.
Presently, it accommodates 96-unit The Bayron condo and retains the speeches to 13 Devonshire Road and 49 Saint Thomas Walk. It’s double frontage crossing around 24m across Devonshire Road and 64 meters across Saint Thomas Walk.
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The website could be redeveloped to accommodate a brand-new residential development of around 220 flats with an average unit size of approximately 710 sq ft.”There’s a capability to construct a iconic 36-storey landmark near the Somerset MRT station, providing panoramic panoramic views of Orchard Road, Singapore River and also Singapore’s CBD skyline,” states Michael Tay, head of capital markets, Singapore in CBRE, that will only promote the website.
As stated by the development baseline response from URA, there’ll be no development fee payable for a gross floor area of 159,892 sq ft.
The website enjoys tranquility within an upscale home enclave while being close to the comforts and shopping malls in the Orchard Road shopping belt. Surrounding residential improvements comprise The Metz, Saint Thomas Suites and New Futura.
Tay states,”Given the dearth of prime freehold residential websites available in the previous 18 months, we expect that this website to draw strong interest from local and foreign developers that are beginning to look outside to replenish their property banks or even targeting the luxury residential sector.”
He adds that CBRE is convinced the luxury residential business will continue to execute well, judging by”lively sales in recent weeks in The Avenir, Martin Modern and Nouvel 18.