{"id":118658,"date":"2020-09-17T09:59:12","date_gmt":"2020-09-17T02:59:12","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-site-near-somerset-mrt-station-up-for-tender\/"},"modified":"2020-09-17T10:04:28","modified_gmt":"2020-09-17T03:04:28","slug":"freehold-site-near-somerset-mrt-station-up-for-tender","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-site-near-somerset-mrt-station-up-for-tender\/","title":{"rendered":"Freehold site near somerset MRT station up for tender"},"content":{"rendered":"


\nThe 56,481 sq ft site will be up for tender for $376 million. Photo: CBRE
\nA 56,481 sq ft freehold development site in District 9, which currently accommodates the two-block condominium The Bayron, has been launched for public tender with a guide price of $376 million, revealed exclusive marketing agent CBRE.
\nThe elevated site enjoys dual frontage spanning around 64 meters along Saint Thomas Walk and 24 meters along Devonshire Road. As such, the 96-unit The Bayron holds the addresses of 49 Saint Thomas Walk and 13 Devonshire Road.
\nSituated just 350 meters from the Somerset MRT station, the site is zoned for \u201cResidential\u201d use under the 2019 URA Master Plan with a height control of up to 36 storeys and a plot ratio of 2.8.
\nCBRE noted that the $376 million price reflects a land price of about $2,377 per sq ft per plot ratio (psf ppr). The land price works out to around $2,287 psf ppr after factoring the 7% bonus gross floor area allowed for balconies.
\nCredit: CBRE
\nThe site can be redeveloped to feature a new residential development of up to 220 apartment units, averaging 66 sq m (around 710 sq ft).
\nThe development baseline reply from URA stated that no development charge will be payable for gross floor area of around 159,892 sq ft.
\n\u201cThere is potential for this site to transform into an iconic 36-storey landmark next to the Somerset MRT station, offering unblocked panoramic views of Orchard Road, Singapore River and Singapore\u2019s CBD skyline,\u201d said Michael Tay, Head of Capital Markets, Singapore at CBRE.
\nSituated within an upscale residential enclave, the site is near the F&B, entertainment and lifestyle amenities at Orchard Road. Surrounding residential developments include The Metz, New Futura and Saint Thomas Suites.
\nNearby schools include River Valley Primary School and Chatsworth International School (Orchard Campus). Forth Canning Park and Singapore River are also within walking distance.
\nGiven the dearth of prime freehold residential site for sale over the past 18 months, Tay expects the site to \u201cattract strong interest from both local and foreign developers who are starting to look out to replenish their land banks or targeting the luxurious residential market\u201d.
\n\u201cThe overall supply in the luxurious residential sector in Singapore remains limited. On the back of brisk sales at recent new launches such as The Avenir, Martin Modern and Nouvel 18, coupled with the low interest rate environment, we are confident that the luxurious residential sector will continue to perform well,\u201d he added.
\nThe tender for the site closes on 27 October.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Freehold site near somerset MRT station up for tender<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 56,481 sq ft site will be up for tender for $376 million. Photo: CBRE...<\/p>\n","protected":false},"author":1,"featured_media":118659,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-118658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2020\/09\/The-Bayron_PhotoCredit_CBRE.jpg?fit=600%2C872&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uRQ","jetpack-related-posts":[{"id":31788,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/upper-bukit-timah-shophouses-on-sale-for-20-million\/","url_meta":{"origin":118658,"position":0},"title":"Upper Bukit Timah shophouses on sale for $20 million","date":"October 27, 2016","format":false,"excerpt":"\r The guide price works out to $718 psf per plot ratio on the floor area. (Photo: CBRE) A cluster of five adjoining shophouses along 824-836 Upper Bukit Timah Road have been put up for sale by public tender, said marketing agent CBRE. The guide price for the row of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":79190,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pacific-mansion-up-for-en-bloc-sale-for-938m\/","url_meta":{"origin":118658,"position":1},"title":"Pacific Mansion up for en bloc sale for $938m","date":"February 7, 2018","format":false,"excerpt":"\r The prime freehold site in District 9 is located next to the upcoming Great World MRT station. 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