Bookmark & Share
Sixth Avenue Centre has once again been put up for collective sale with a reserve price of $86 million.
The mixed-use development was previously launched for en bloc sale in January carrying a guide price of $90.5 million.
Inclusive of a small development charge of about $557,000, the lower reserve price works out to a land rate of $1,922 psf per plot ratio based on the allowable gross floor area of 45,028 sq ft, said marketing agent Savills Singapore.
Completed in the mid 1980s, the freehold property comprises seven shops and 18 apartments. It occupies a prominent 15,009 sq ft corner site at the junction of the main Bukit Timah Road and Sixth Avenue.
The site is zoned for commercial and residential use under the 2014 Master Plan with a gross plot ratio of 3.0. It can be developed up to five storeys.
Savills noted that the site can potentially accommodate a “development with shops and 35 apartments averaging 753 sq ft each”. In fact, in principle approval for a serviced apartment and commercial development has been obtained from the relevant authorities.
An application for amalgamation of an adjoining state land parcel has also been made to the Singapore Land Authority. If granted, the site will be enlarged while the effective land rate will be reduced.
“Amidst the redevelopment of Royalville and the Fourth Avenue GLS site coupled with the unparalleled convenience of a MRT station located a stone’s throw away, Sixth Avenue Centre presents an attractive offering for developers to acquire a boutique residential/serviced apartment site complemented with retail and lifestyle F&B options smack in the heart of the affluent Sixth Avenue/Bukit Timah residential enclave,” said Savills Singapore senior director of investment sales Suzie Mok.
The tender for Sixth Avenue Centre closes on 25 July.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Jalan Besar Plaza up for collective sale for S$390mil
Katong Shopping Centre up for collective sale at S$630mil
Choon Kim House in Upper Serangoon launched for collective sale at over $55m