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A freehold mixed-use redevelopment site located at the junction of Upper East Coast Road and Hacienda Grove has been put up for sale by tender, marketing agent Knight Frank said Wednesday (11 November).
Known as Lodge 77, the three-storey residential building with two F&B establishments and a clinic at the first storey sits on a 13,123 sq ft land. Zoned “residential with commercial at the first storey”, the site comes with a gross plot ratio of 3.0 and has a frontage of approximately 30 metres onto Upper East Coast Road.
According to Knight Frank, the site can be redeveloped into a four-storey residential development with retail shops at the first storey.
“We expect this property to also attract strong interest in view of its location and relatively affordable investment size. It also offers quick turnaround time for prospective purchasers as no STB approval is required,” said Ian Loh, Executive Director & Head, Investment and Capital Markets at Knight Frank.
The seller is expecting offers above S$34.2 million which translate to S$1,100 per sq ft per plot ratio, including an estimated development charge of approximately S$9 million. Tender for the site will close on 16 December.
11 Hillside Drive
Separately, a rare site approved for education use has also been put up for sale by expression of interest (EOI).
In a press statement, JLL and Cushman & Wakefield announced the sale of 11 Hillside Drive. The property sits on a land area of approximately 81,457 sq ft, and has a gross floor area of approximately 46,753 sq ft. The site has a 103-year leasehold tenure beginning 2012.
Currently tenanted by international school Hillside World Academy, the property has been recently enhanced to provide updated teaching facilities. “Well-located, long leasehold sites of this nature are very rarely available for sale. Whilst the asset could generate stable income, the potential buyer will also have a variety of options to fully prepare for future growth plans,” said Rohit Hemnani, Head of Corporate Capital Markets at JLL.
The EOI exercise for the site will close 16 December.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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