A property site on freehold tenure at No. 10A, Jalan Ampas, Balestier was in the market for sale according to a report by Savills Singapore on Monday, 11th September. The property has a guide price of S$16.8 million.
The site, which measures approximate 12070 square feet is in an industrial cluster and presently zoned for Business 1 use under the year 2014 master plan and has a 2.5 gross plot ratio or GPR.
However, the site could be rezoned as residential with 2.8 GPR subject to URA (urban redevelopment authority) approval and once the development charges (DC) are paid.
The estimated DC are approximately $16.86 mil translating to about S$996 per square foot of the 33794 square feet, which is the maximum allowable GFA.
Savills Singapore said that the site could accommodate as many as 44 apartments of about 753 square feet.
Property Launches Nearby
The Interweave and The Viridian are the sites nearby that have been redeveloped to residential projects from Business 1 use.
The most recent residential project that was launched around Balestier is City Suites. The project’s transactions this year were from S$1725 per square foot to S$1807 per square foot. This freehold property on 235 Balestier Road has 56 units in a single block of 17-storeys comprising of 1-bedroom units and 1-bedroom penthouses.
“Not all times that you find a freehold boutique residential site that is ready for sale and moreover, the site also being owned by a single owner makes the buying process very efficient as well,” said Savills Singapore Managing Director and head of investment sales and residential services, Steven Ming.
Some of the landmarks near No. 10A, Jalan Ampas are Whampoa Market, Zhongshan Mall and the Novena Health City that is coming up. Others include the Shaw Plaza, Balestier Plaza and Balestier Market. The Novena MRT is also nearby for transport convenience.
The tendering exercise for the site is set to close on October 13, 2017.