A FREEHOLD site on Wilkie Terrace in the vicinity of Mount Sophia has been put on the market.
The site belongs to a family-owned investment company, and thus, unlike an en-bloc sale, the sale of the property is not dependent on a Strata Titles Board's order of sale. The buyer will have vacant possession on completion of the sale.
Located at 7 to 11 Wilkie Terrace, the area has a potential gross plot ratio of 2.1. A seven-storey apartment block with some 30 units of boutique residential suites averaging 865 sq ft each could be built on the 13,209 sq ft site.
Credo Real Estate, which is handling the sale, said it expects to receive offers ranging from $22 million to $24 million, reflecting a land rate of $797 to $868 per sq ft per plot ratio, inclusive of an estimated development charge of about $120,000.
The successful developer's break-even cost would likely be $1,290 to $1,375 psf and units there may fetch about $1,600 psf.
'This property is suitable for building a seven-storey apartment block comprising some 30 units of boutique residential suites with an average size of 865 sq ft,' said Credo Real Estate managing director Karamjit Singh. 'Such two-bedroom units enjoy strong demand from students of the (nearby) Singapore Management University and single expatriates.'
He said that the buyer could also build service apartments or a boutique hotel, if approval is given.
'The location is popular for its close proximity to the strategic Dhoby Ghaut MRT station, educational institutions and both Orchard Road and the Raffles Place,' he added. 'The upcoming Wilkie Edge development is set to further enhance the vibrancy of the area,' said Mr Singh.
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