Mortgagee sale of vacant hotel site at Devonshire Road, priced from $30 mil

EdgeProp Singapore

December 2, 2021



The tender for a vacant 5,370 sq ft development site at 8 Devonshire Road — located near Somerset MRT Station — has been launched with a guide price of between $30 million and $35 million. The mortgagee sale is managed by the auction team at Knight Frank Singapore, and the tender closes on Feb 11, 2022.

This freehold piece of land is located near the junction of Devonshire Road and Killiney Road in prime District 9. The site is currently zoned for a 44-room hotel development with a gross plot ratio of 2.8. Written permission for this land use was first granted by URA in October 2019.

According to URA records, an extension to grant the land for hotel use was given on Sept 30. Knight Frank has stated in its marketing documents for the site that this extension is set to lapse in October 2023. Previously, the site was a key asset at the centre of a liquidation case involving Ivy Lee Realty. The company was owned by Ivy Lee, one of the top real estate agents in Singapore in the early 2000s.

In 2012, the site at 8 Devonshire Road was slated to be redeveloped into a six-storey apartment block called Devonshire 8. Developed by Ivy Lee Realty, the proposed 30-unit condominium would have consisted of one-bedroom units. It was slated for completion in 2017.



Read more at: https://www.edgeprop.sg/property-new...-priced-30-mil