Rare District 9 residential redevelopment site next to the Istana up for sale
A prime freehold residential redevelopment site in the prestigious Orchard Road district has just been launched for sale via a public tender exercise by sole marketing agent, JLL.
SINGAPORE – A prime freehold residential redevelopment site in the prestigious Orchard Road district has just been launched for sale via a public tender exercise by sole marketing agent, JLL.
Located next to the Istana, Cavenagh Gardens, along Cavenagh Road in the sought after District 9, consists of three blocks of 172 apartments. Currently zoned for “Residential” use with a gross plot ratio of 2.1 in the 2014 Master Plan, the site spans an area of 128,255 sqft. In-principle approval was granted by the Singapore Land Authority for some 11,800 sqft of State land to be amalgamated with the subject site on 28 February 2018.
Cavenagh Gardens is a mere 600-metre walk from The Centrepoint, which is directly linked to Somerset MRT station. It is also about an 800-metre walk to Plaza Singapura linked directly to the Dhoby Ghaut MRT Interchange Station. With Singapore’s famed Orchard Road shopping district at its doorstep, a myriad of shopping, food and beverage, entertainment and lifestyle services and amenities are readily available. It takes a short 7-minute drive to the CBD and is highly accessible via the Central Expressway (CTE), Orchard Road and Bukit Timah Road.
Situated next to the rich historic Civic and Cultural District, Cavenagh Gardens is also surrounded by established and popular primary, secondary and tertiary educational institutions. Renowned primary schools within 1 km of the site include Anglo-Chinese School (Junior) and St. Margaret’s Primary School.
The site could potentially be redeveloped into a 323,528 sqft residential development of about 400 apartment units with an estimated average size of about 740 sqft. Being located within the Central Area, the revised URA planning guideline on the minimum average unit size of 85 sqm effective 17 January 2019 does not apply to the site.
The owners have a Reserve Price of $480 million, reflecting a unit land rate, inclusive of an estimated State land premium, of $1,695 per sqft per plot ratio (psf/pr), or $1,541 psf/pr after factoring in the 10 per cent bonus gross floor area (GFA). No development charge is payable for the site, even for the additional 10% bonus GFA.
The property will be marketed through a public tender which closes on Thursday, 31 January 2019 at 3p.m.
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Note to editors:
1. A high-resolution photograph of Cavenagh Gardens is available here.
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 operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com