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Owners of Tai Wah Building along Killiney Road seek S$81m bid
OWNERS of Tai Wah Building have put up the mixed-use property for collective sale by a public tender.
They are asking for S$81 million for the property, which translates to S$2,035 per square feet (psf) per plot ratio of potential gross floor area (GFA). No development charge is payable.
Completed in the mid-1980s, Tai Wah Building is a four-storey building comprising two shops and six apartments. The freehold site has a land area of about 13,148 sq ft and is zoned for "residential with commercial at first storey" under Master Plan 2014.
Subject to the authorities' approval, the site can be redeveloped up to its existing GFA of 39,809 sq ft, exceeding the permissible plot ratio of 2.8 as indicated in the 2014 Master Plan.
Tai Wah Building is located long Killiney Road, about 250 metres to Somerset MRT Station, near cafes such as Killiney Kopitiam, Artisan Boulangerie, KPO Café Bar, etc. It is also near schools such as River Valley Primary School and Chatsworth International.
Swee Shou Fern, Edmund Tie & Company (SEA)'s senior director of investment advisory said that freehold mixed-use sites at Orchard Road within the prime District 9 are hard to come by. The consultancy is marketing the property.
She said: "Properties with these attributes on Killiney Road are tightly held and rarely traded. Tai Wah Building can be redeveloped into a boutique residential development with valuable commercial space on street level enjoying prominent visibility along Killiney Road. Given its central location at Orchard Road and proximity to Somerset MRT Station, the property is also ideal as a serviced apartments development, subject to planning approval."
The tender exercise will close on Nov 15, 2017 at 3pm.