Ravi Chandran
The site of The Bayron is a palatable freehold land plot available on St Thomas Walk and Devonshire Road
CBRE announced on 9 March that a freehold residential redevelopment site that holds dual addresses at 13 Devonshire Road and 49 Saint Thomas Walk is up for sale. CBRE being the exclusive marketing agent, will conduct the sale by way of a Public Tender exercise that will close on 6 April 2021 at 3 pm.
The freehold elevated site of approximately 56,481 square feet currently accommodates The Bayron, a two-block condominium comprising 96 units that has a total strata floor area of 112,300 square feet.
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The Bayron, a residential development, enjoys dual frontages spanning approximately 24 meters along Devonshire Road and 64 meters along Saint Thomas Walk.
Under the Master Plan 2019, The Bayron site is zoned “Residential” with a plot ratio of 2.8 and a height control of up to 36 storeys. The maximum allowable gross floor area for the site is approximately 159,893 square feet, which will increase to 169,218 square feet if the 7% bonus gross floor area allowed for balconies is included.
The guide price for The Bayron is S$376 million, which works out to a land price of approximately S$2,377 per square foot per plot ratio.
Taking into consideration the 7% bonus gross floor area allowed for balconies, the land price will be approximately S$2,287 per square foot per plot ratio.
Mr Michael Tay Head of Capital Markets, Singapore at CBRE, said, “The Bayron presents a rare opportunity for developers seeking quality freehold sites at a strategic location to increase their land bank. As the site is located within the Central Area, the ‘85-sqm’ rule does not apply in the calculation of the maximum number of dwelling units per development. This provides developers the flexibility in configuring the new development to accommodate units of a smaller size, which will be attractive and affordable to buyers who may be looking to downsize and retire, and millennials seeking smaller dwelling units in a prime yet extremely connected location.”
Mr Tay added, “While the previous launch of The Bayron in September last year attracted interest from developers, there were also uncertainty concerns surrounding the COVID-19 situation and the economy, as well as potential construction and development risks. This resulted in a more conservative approach to acquisitions by potential buyers.”
“Notwithstanding, the residential market has demonstrated its resilience over the past few months. Additionally, as more countries are increasingly putting in place COVID-19 vaccinations, we envision a positive outlook for the residential sector with foreign buying expected to gradually return.”
Located on an exclusive and elevated plot, The Bayron enjoys unblocked panoramic view of lush greenery, Orchard Road, Marina Bay Sands and even the CBD skyline. Surrounded by prime high-rise residential developments including The Metz, Saint Thomas Suites and New Futura, The Bayron enjoys the privacy and tranquillity of a prestigious residential enclave.
At the same time, it is only a stone’s throw on foot to Somerset MRT station and Orchard Road where one can access premier retail malls such as 313 Somerset, Orchard Central, Mandarin Gallery and Ngee Ann City, as well as medical services such as Paragon Medical Centre and 111 Somerset Medical Centre. Meanwhile, lifestyle amenities are also within walking distance at Singapore River and Fort Canning Park. Educational institutions that are in proximity include Chatsworth International School (Orchard Campus) and River Valley Primary School.
Mr Paul Ho, chief mortgage officer at iCompareLoan, said, “sites like The Bayron will be sought after as property investments in Singapore will be among the top preferred financial tools for High Net Worth Individuals (HNWI). Masterplan 2019 positions Singapore as a livable city, a global business gateway and tourist haven. With such positioning by the government, it is understandable why property investment volumes will be driven-up here. There is a lot of excess fluidity in the region and Singapore is seen as a safe haven for real estate investments.”
He added, “the Singapore government is also proactive in keeping the property market here stable. More recently, it drew up a slew of measures to curb a property bubble from being formed here. Investors see all such activities by the Government in a positive light. Although it curbs excessive speculation, these measures assures investors their investment is safe in a country where the rule of law, especially in economic matters, is paramount.”
The economic impact of the Coronavirus issue is expected to be short-lived based on the current situation, says a note from Cushman & Wakefield (C&W). The report said that the Singapore government has tried to put in place multiple lines of defence to minimize the chances of the virus spreading further.
Any disruption to market activity is expected to be short-lived and so the real estate impact will be minimal said Ms Christine Li, C&W’s Head of Research for South East Asia. Although the real estate impact will be minimal, the impact on the hospitality sector is more immediate said the report.
Mr Ho believes that value buys in the property market right now are are landed inter-terrace house. He notes that the per square feet price on the built-up area in such properties are usually less than $1000. He also advises those that are looking for a property in District 9 to get help from property agents.
If you are home-hunting in District 9, you should seek the help of a good panel of property agents and the mortgage consultants as they can help you with affordability assessment and a promotional home loan. The services of professionals like mortgage loan experts are free. Their analysis will give best home loan seekers better ease of mind on interest rate volatility and repayments.
