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Part of Eden Hall land on Nassim up for sale

Separately, CBRE has launched a freehold Sixth Avenue shophouse for sale by expression of interest
Tuesday, November 24, 2015 - 05:50
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Singapore

PART of the garden at Eden Hall, the official residence of the British High Commissioner in Singapore, has been launched for sale by public tender by the British government's Foreign & Commonwealth Office.

Details of the tender of land - in two adjoining freehold plots of Good-Class Bungalow (GCB) land on Nassim Road - will be announced soon, said CBRE, the sole marketing agent.

Subject to final approval of the proposed sub-division and terms and conditions which may be imposed by the authorities, the two plots are being offered to the market as individual plots.

Plot A measures 18,620 sq ft, and Plot B, 15,634 sq ft. Interested parties may bid for both plots together, or each one on its own.

Both are zoned for residential use.

The guide price for Plot A is S$2,200 per sq ft (psf), and that for Plot B, S$2,000 psf. Based on recent market feedback, CBRE said it is confident these prices will be exceeded.

Nassim Road is an exclusive address where mansions are occupied by embassies, high commissions and ultra-high-net-worth families.

CBRE said: "Land for GCBs in the prestigious Nassim Road area is tightly held and rarely available for sale. The last caveat lodged for a GCB sale there was in February 2012; in total over the last eight years, there have been only three GCB sales in Nassim Road. This shows that sale opportunities at Nassim Road are hard to come by."

The real estate company said it had received "a fair number" of enquiries about the sale of these two plots and expects "a keen level of interest" in them.

The plots are a five-minute walk from the recently crowned Unesco World Heritage Botanic Gardens.

"This particular opportunity is being offered on a freehold, vacant-site basis and gives buyers the full flexibility for immediate development," CBRE said.

"The potential for one or two GCBs on these land plots lets buyers explore extensive development works on essentially a blank canvas, with added flexibility and creativity to configure the space to suit their own requirements."

Separately, CBRE also launched an an expression-of-interest exercise for a freehold corner shophouse at 8/8A Sixth Avenue. The property sits on 2,451 sq ft of land, with a total gross floor area of 2,519 sq ft.

It has dual-building frontages with high visibility, and comes with approval for F&B use for its ground floor space. It is now fully tenanted and enjoys strong rental income stream, it added.

CBRE, the sole marketing agent for the property, described Sixth Avenue as an affluent residential enclave that has become a lifestyle and recreational venue over the years; the property can thus leverage the hive of the retail and F&B activity in the area

CBRE said buyers can also expect capital upside in the medium term, with the completion of the Sixth Avenue MRT station - a five-minute walk away. It foresees interest from investors, retailers, family offices and high-net-worth individuals.

The expression-of-interest exercise closes on Jan 12 at 3pm.