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Freehold mixed-use redevelopment site at Upper East Coast Road up for sale
A FREEHOLD mixed-use redevelopment site at the junction of Upper East Coast Road and Hacienda Grove has been put up for sale by tender.
The seller is expecting offers of above S$34.2 million. This translates to a land rate of about S$1,100 psf per plot ratio (psf ppr), including an estimated development charge of about S$9 million.
Lodge 77 is a three-storey residential development with two F&B establishments and a clinic on the first storey. It has a land area of 1,219.2 square metres.
Under the Master Plan 2014, the site is zoned for "residential with commercial at 1st storey" with a gross plot ratio of 3.0. The site is regular in shape and enjoys a frontage of about 30 metres onto Upper East Coast Road.
The plot is located within the private residential district 15. The future Siglap (Thomson-East Coast Line) MRT station is located within 500 metres from the site. Schools nearby include Ngee Ann Primary School, CHIJ Katong Convent, St Patrick School, Victoria School, Victoria Junior College and Temasek Junior College.
The subject site can be redeveloped into a four-storey residential development with retail shops on the first storey. No Strata Titles Board (STB) approval is required for this acquisition.
"We continue to see strong interest for redevelopment opportunities in the eastern part of Singapore. In the past two months, two redevelopment sites at Sea Avenue and East Coast Avenue were transacted. We expect this property to also attract strong interest in view of its location and relatively affordable investment size. It also offers quick turnaround time for prospective purchasers as no STB approval is required," said Ian Loh, executive director & head, investment and capital markets, at Knight Frank, which is the sole marketing agent.
The tender for Lodge 77 will close on Dec 16, 2015, at 3pm.