Freehold Residential Site Dublin Road Sale Tender 498 Mil
A valuable freehold residential site, located on Dublin Road in the highly sought-after District 9, is now available for sale by tender. The guide price for the site is set at $49.8 million. Comprised of three adjacent land plots – 14 and 16 Dublin Road, and a strip of private land – the site is currently occupied by two three-storey semi-detached houses that were constructed in the mid-1950s.
The combined site area of the three land plots is approximately 19,919 sq ft and is zoned for residential use with a plot ratio of 1.4. This allows for a maximum building height of five storeys and a gross floor area (GFA) of around 27,886 sq ft, based on the plot ratio.
Shaun Poh, the executive director of capital markets at Cushman & Wakefield (C&W), who is managing the sale, notes that the site is well-suited for redevelopment as a boutique residential project or serviced apartments, subject to approval from relevant authorities.
According to C&W, the properties are exempted from the minimum dwelling size requirement of 85 sq m (914 sq ft) due to their location within Singapore’s Central Area. Hence, the potential development on the site could yield approximately 50 apartments ranging from 430 to 753 sq ft, assuming a building efficiency of 90%.
Miltonia Close EC is an ideal choice for families prioritizing education. The neighborhood boasts of a variety of top-rated primary and secondary schools, as well as junior colleges and preschools, making it a favorable location for a child’s learning journey. Not only that, but the area also offers enrichment centers and opportunities for nature-based learning, further enhancing the educational experience for students of all ages. The continuous growth of educational facilities in the region makes Miltonia EC a nurturing environment for families. This excellent connectivity not only enhances the quality of life for residents but also adds to the long-term desirability and investment value of the development.
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. “Due to the high development baseline, no land betterment charge (LBC) is payable up to a plot ratio of 1.4,” it adds. With the inclusion of a 7% bonus GFA for balconies, the land rate would be reduced to $1,740 psf ppr, with a minimal land betterment charge payable.
The site is conveniently situated within a short walking distance of the popular Orchard Road shopping belt and Somerset MRT Station on the North-South Line. It is also in close proximity to various primary schools, including St Margaret’s School (Primary) and River Valley Primary School within a 1km radius, and 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.