A freehold mixed-use development that spans Bukit Timah Road and Duke’s Road in District 10 has been launched for sale at an indicative price of $118 million.
Following the acquisition of adjacent remnant state land, the vendor has expanded the total site area to approximately 18,512 sq ft, which spans 551, 551A, 511B, 551C and 553 Bukit Timah Road and 6, 6A, 6B, 6C, 8, 8A and 8B Duke’s Road.
According to exclusive marketing agent Cushman & Wakefield, the site is zoned for commercial and residential use with a gross plot ratio of 3.0, and has received written permission for redevelopment into a new five-storey mixed-use project.
The land rate works out to about $2,193 psf per plot ratio (psf ppr). The proposed scheme comprises two storeys plus a mezzanine for commercial use, and three residential levels with an attic above. The plans provide for six strata commercial units, all approved for F&B use, alongside 30 residential units on the upper floors.
For comparison, the nearby Serene Centre was transacted at $105 million about two years ago, translating to approximately $2,212 psf based on its existing gross floor area.
The sale is being conducted via an expression of interest (EOI) by Cushman & Wakefield, with submissions closing at 3pm on May 5. Cushman & Wakefield says the property represents a “rare opportunity” to acquire a freehold redevelopment site in the landed Bukit Timah enclave, located within 300m of the Botanic Gardens MRT Station.
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The existing development comprises a four-storey mixed-use building that is fully occupied. The ground floor houses four retail and F&B tenants, including Atlas Coffeehouse and Hello Arigato cafe, while the upper floors are leased to co-living operator The Assembly Place.
The property is also within 1km of Nanyang Primary School and Raffles Girls’ Primary School, with other nearby institutions including Hwa Chong Institution, Nanyang Girls’ High School, National Junior College, Singapore Chinese Girls’ School and St Joseph’s Institution.
Amenities in the vicinity include Adam Road Food Centre, Serene Centre, Cluny Court and Coronation Plaza.
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Shaun Poh, executive director of capital markets at Cushman & Wakefield, says: “The property is located in the most prestigious address in District 10, and only 300m from the Botanic Gardens. There is a dearth of new retail/F&B developments in the area. Transactions in older freehold strata developments, such as Coronation Shopping Plaza and Holland Road Shopping Centre, have consistently traded at $4,000 to $5,000 psf.”
The brand-new freehold strata retail and F&B units in this development will offer incoming purchasers a unique opportunity to establish a presence in this highly sought-after area, adds Poh. “Alternatively, investors may retain the property as an income-generating asset while land-banking for future development potential.”
According to Poh, the existing owner “has already unlocked substantial value in the property” by securing the adjacent remnant land, fully paying the land betterment charge for a plot ratio of 2.77, and obtaining written permission for redevelopment. “With these transformative steps already in place, this rare freehold site offers purchasers a highly attractive ready-to-build mixed-use development opportunity, allowing them to accelerate redevelopment and sales in a prime District 10 address.”
