Bukit Timah, Duke's Road mixed-use sites relaunched for sale with lower S$53.8m guide price

Oct 25, 2021



THREE adjoining mixed-use redevelopment sites at 551 to 553 Bukit Timah Road, 6 to 8 Duke's Road and a driveway have been relaunched for sale with a lower guide price of S$53.8 million, sole marketing agent JLL said on Monday (Oct 25).

This translates to S$1,502 per square foot per plot ratio (psf ppr), inclusive of development charge at a gross plot ratio of 3.0. It also assumes 60 per cent of the gross floor area (GFA) will be for residential and the remaining 40 per cent for commercial use.

Previously, the plots had a guide price of S$62.5 million when launched for collective sale in January 2021, translating to S$1,658 psf ppr. This was assuming 80 per cent of GFA was for residential and 20 per cent was for commercial use.

All owners have agreed to the collective sale of their respective developments, which means no Strata Titles Board application for a sale order is needed.

The freehold 16,479 square foot (sq ft) site is zoned for residential and commercial use. It has an allowable height of up to 5 storeys under the Urban Redevelopment Authority's Master Plan 2019.

The plot at 551 to 553 Bukit Timah Road has a land area of 7,727 sq ft, while the site at 6 to 8 Duke's Road, together with the driveway, has a land area of 8,752 sq ft.

The entire property is bounded by Duke's Road, Queen's Road and Bukit Timah Road, and is 300 metres away from Botanic Gardens MRT Interchange. It is also a 10-minute drive to the Orchard Road shopping belt via Stevens Road.

Amenities including supermarkets, eateries and cafes are nearby as the property is in the vicinity of Coronation Plaza, Serene Centre and Cluny Court. It is also near Adam Road Food Centre and Botanic Gardens.

Schools within 1 km of the site include Nanyang Primary School, Raffles Girls' Primary School and St Margaret's Secondary School.

Tan Hong Boon, JLL executive director of capital markets said the property can be redeveloped into a boutique development comprising 32 residential units with an average size of 85 square metres (sq m), with retail units on lower levels.

"The property market is now more vibrant compared to earlier this year. Developers are very actively looking for redevelopment sites as sales of their new units are moving steadily with their inventories running down," he said.

The latest tender exercise for the plots closes on Dec 2, 3 pm.