Wilkie Rd freehold residential sites are up for collective sale at S$19.5 million

Oct 31, 2022

Adjoining freehold residential sites on 62 and 64 Wilkie Rd will be put up for collective sale on Tuesday (Nov 1), with a guide price of S$19.5 million, according to marketing agent Propnex.

The sites have three and five residential units, respectively, with a total site area of 5,849 square feet. According to the Urban Redevelopment Authority's Master Plan 2019, zones designated "residential" have a gross plot ratio of 2.1.

This equates to a price of S$1,485 psf per plot ratio, which includes a 7% bonus balcony space and land betterment charge.

The successful buyer of the site will be able to redevelop the plot into a residential project comprising 26 units within an eight-story building, according to Propnex in a release.

It added that the estimated project size is based on recently announced guidelines for dwelling units in the central area.

The properties are located in District 9 and are within walking distance of several MRT stations, including Dhoby Ghaut, Bencoolen, Little India, Rochor, Bras Basah, and Bugis.

Tracy Goh, PropNex's head of investment and collective sales, expects strong interest from local developers due to the affordable pricing and appealing location.

"Supply of freehold land in the city is limited, and this tender presents a once-in-a-lifetime opportunity for developers to acquire a prime freehold residential site in the heart of Singapore's vibrant arts and cultural district," Goh said.

The tender period for the sale of the properties will end on November 22 at 2 p.m.