Dublin Road freehold residential site up for sale at S$49.8 million guide price
The site comprises three adjoining land parcels with a combined area of 1,850.5 sq m
[SINGAPORE] A freehold residential redevelopment site in Dublin Road – off Killiney Road in the River Valley enclave of District 9 – has been launched for sale via tender at a guide price of S$49.8 million.
The site comprises three adjoining plots – 14 and 16 Dublin Road, and a strip of private land – with a combined area of 1,850.5 square metres (sq m). It is currently occupied by a pair of three-storey semi-detached houses built in the 1950s, and a childcare centre, Alphabet Playhouse.
Exclusive marketing agent Cushman & Wakefield said in a press statement on Monday (Sep 29) that the sale garnered full consensus from the owners.
The S$49.8 million guide price translates to a land rate of around S$1,786 per square foot per plot ratio (psf ppr). Factoring in a 7 per cent bonus gross floor area to allow for balconies and a nominal land betterment charge of about S$2.1 million, the effective land rate is S$1,740 psf ppr.
Under the Urban Redevelopment Authority’s Draft Master Plan 2025, the site is zoned for residential use with a plot ratio of 1.4 and a maximum gross floor area of 2,590.7 sq m. It has an allowable height of up to five storeys.
As the land parcel is in Singapore’s central area, residential redevelopments are exempt from the minimum average size of 85 sq m required for homes.
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“Assuming (a) building efficiency of 90 per cent, the site could potentially be redeveloped into around 50 apartment units ranging from 40 sq m to 70 sq m, subject to approval from the relevant authorities,” said Cushman & Wakefield.
Shaun Poh, the consultancy’s capital markets executive director, reckons that the Dublin Road site is well-suited for redevelopment into a boutique residential project or serviced apartments, given the rising demand for “upscale urban living and short-term accommodation”, though this would be subject to planning approvals.
He noted that there is already precedent for such uses, with the site located among other serviced apartments, co-living spaces and hotels. These include Orchard Grand Court Serviced Apartment, Le Galleria hostel, boutique hotel Lloyd’s Inn and the upcoming Mama Shelter Singapore Orchard hotel.
But the consultancy’s main target would be residential developers, given the active private housing market, said Poh.
The land parcel’s guide price is “not scary”, with all-in land plus development costs estimated at well below S$65 million, he noted. “Given the smaller quantum, it will be more affordable with even small to medium-sized developers taking a look.”
The site’s appeal is also supported by its proximity to Orchard Road and the ongoing redevelopment of Singtel’s Comcentre in Exeter Road, just across the road, he added. The S$3 billion project, jointly developed by the telco and Lendlease, broke ground in July and will yield 110,000 sq m of Grade-A office space, as well as lifestyle and retail spaces including medical suites, a gym, and food and beverage outlets.
Poh said the initial response to the sale launch of the Dublin Road site has been “overwhelming” with “a lot of calls” from interested parties, most of whom have been developers so far.
The tender for the Dublin Road site will close on Oct 29 at 3 pm.
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