Gilstead Road site up for sale with S$91.8m asking price

A FREEHOLD residential site located at Gilstead Road has been put up for sale via tender.

The owners, a family, are asking for S$91.8 million, which translates to a land rate of about S$2,001 per square foot per plot ratio, including the estimated development charge.

Sole marketing agent Edmund Tie said the site, which spans about 43,457 sq ft, can be redeveloped to accommodate up to 56 residential units, subject to planning approval.

The land plot is zoned for residential use under the Urban Redevelopment Authority's Master Plan 2019 and has a plot ratio of 1.4.

The site is surrounded by landed housing and is within the vicinity of the Bukit Tunggal Good Class Bungalow area. The closest MRT stations are Newton and Novena.

Amenities nearby include United Square, Novena Square and Balmoral Plaza. The site is also within a kilometre of schools such as Anglo-Chinese School (Junior), Anglo-Chinese School (Primary) and St. Joseph's Institution Junior.

Edmund Tie executive director of investment advisory services Swee Shou Fern said the property presents an "exceptional opportunity" for immediate redevelopment, without having to deal with the uncertain timeline for a collective sale.

"The palatable quantum and strategic location of the site further enhance the appeal of the property for developers," she added.

The tender for the residential site will close on Oct 27 at 3pm.

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