Gilstead Court launched for sale
SINGAPORE, 6 June 2018 – Gilstead Court, a collective sale site along Gilstead Road, has just been launched for sale by tender by sole marketing agent, JLL.
Built around 1978, Gilstead Court comprises 24 apartments of 129 sqm each and 24 apartments of 136 sqm each, totalling 48 units in three four-storey apartment blocks. More than 80 per cent of the owners have consented to the collective sale and are expecting offers in excess of $168 million.
Under the 2014 Master Plan, the 75,479 sq ft site is zoned 'Residential' with a gross plot ratio of 1.4. It may be redeveloped to accommodate a five-storey boutique development. It is just a 250-metre walk to the Novena MRT Station.
Located in the Newton/Novena locale, Gilstead Court is in an established private residential enclave that enjoys a strong following from both the locals and expatriates alike, due to its close proximity to ample amenities, good schools and the CBD. Health City Novena, a world class medical city, is also in the neighbourhood.
"Gilstead Court, with its prestigious address, freehold tenure and proximity to three good schools within 1 km, stands out amidst the many collective sale sites that are presently being marketed", says Mr. Tan Hong Boon, Regional Director at JLL.
"We expect strong interest for this site due to the reasonable pricing and owners are certainly expecting developers to compete for it and bid well in excess of their reserve price. At the owners' reserve price of $168 million, it reflects a land rate of approximately $1,590 psf per plot ratio. Factoring in the 10 per cent bonus balcony plot ratio, the effective land rate is only $1,445 psf per plot ratio. As there is a high development baseline for the site, development charge is not payable for the proposed redevelopment even with the additional bonus 10 per cent balcony GFA. This compares favourably with the recent land sales and the strong demand among developers who have bought sites in the vicinity. With no development charge payable, it is insulated from the half-yearly development charge rate revisions by the Chief Valuer, with the next hike expected on 1 September 2018", continues Mr. Tan.
Subject to approval from the Urban Redevelopment Authority, a developer may potentially configure the allowable GFA of 116,237 sq ft up to 140 apartments.
Established shopping amenities, popular eateries and hip cafes are readily accessible with United Square, Goldhill Shopping Centre, Novena Square, Square 2 and Royal Square all located within walking distance to Gilstead Court. The popular Newton Circus Food Centre is also in close proximity.
By train, Gilstead Court is just two stops to Orchard, three stops to Botanic Gardens, five stops to City Hall Interchange, six stops to Raffles Place Interchange, while by car, it is a mere 15 minutes' drive to Raffles Place and Marina Bay.
Prestigious schools within 1 km of Gilstead Court include St Joseph's Primary Institution (Junior), Anglo-Chinese School (Junior) and Anglo- Chinese School (Baker). Other popular schools within 2 km of the site include CHIJ Primary (Toa Payoh), Singapore Chinese Girl' Primary School and St Margaret's Primary School.
"For developers looking for a boutique site to build a prime residential project, the District 11 Gilstead Court with proximity to good schools, ample amenities and excellent connectivity would be a good investment choice." added Mr. Tan.
The tender for Gilstead Court closes on Tuesday, 10 July 2018 at 2.30 p.m.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.