View of the freehold residential sites at Balmoral Road and Ewe Boon Road.
Two adjoining freehold residential redevelopment sites within the Balmoral Road area have been put up for sale by public tender, revealed marketing agent Edmund Tie & Co.
Launched in a concurrent but separate tender, the two sites at Balmoral Road and Ewe Boon Road are zoned residential, with a gross plot ratio of 1.6 and a building height control of up to 12 storeys under the 2014 Master Plan.
The sites have a combined area of around 57,349 sq ft, and are expected to attract strong interest from both local and foreign developers due to their rarity, along with “signs of the Singapore residential market bottoming out and growing momentum in sales volume in recent months”.
With this, Edmund Tie & Co. expects “many parties to submit bids for both sites as they offer greater economies of scale and flexibility in terms of layout and efficiency”.
Assuming an average apartment size of 70 sq m, the combined site is “ideal for an upscale boutique residential project of about 121 units”, it added.
However, the successful bidder will have to pay an estimated total development charge of around $31.5 million to redevelop the combined site up to a plot ratio of 1.6.
“The subject sites are among the last few remaining development land at the Balmoral Road area. Such opportunities where a freehold site within a prime location is available for sale are getting harder to come by as much of the area has already been developed,” said Swee Shou Fern, Senior Director for Investment Advisory at Edmund Tie & Co.
The tender exercise for both sites will close on 20 April.