Devonshire Road freehold development site up for public tender at indicative price of S$376 million
- Located Near Somerset MRT Station, the Devonshire Road freehold development site has a guide price of S$376 Million
CBRE announced on 16 September that it is pleased to launch the public tender of a freehold development site in District 9, which enjoys dual road frontages spanning approximately 24 meters along Devonshire Road and 64 meters along Saint Thomas Walk.
At 56,481 sq ft, the elevated Devonshire Road freehold development site currently accommodates The Bayron, a two-block condominium that comprises 96 units, and holds the addresses of 13 Devonshire Road and 49 Saint Thomas Walk. Situated in a prestigious residential enclave, the Bayron is conveniently located just 350 meters from the Somerset MRT station. Under the Master Plan 2019, the site is zoned “Residential” with a plot ratio of 2.8 and a height control of up to 36 storeys.
The guide price for The Bayron is S$376 million, which reflects a land price of approximately S$2,377 per sq ft per plot ratio. Upon considering the 7% bonus gross floor area allowed for balconies, the land price will work out to approximately S$2,287 per sq ft per plot ratio.
The Devonshire Road freehold development site can be re-developed to accommodate a brand new residential development of up to 220 apartments with an average unit size of 66 sq m (approximately 710 sq ft).
As the Devonshire Road freehold development site is situated within the Central Area, the “85 sq m” rule to derive the maximum allowable dwelling units in non-landed residential developments is not applicable.According to the development baseline reply from URA, there will be no development charge payable for gross floor area of approximately 159,892 sq ft. The gross floor area of approximately 159,892 sq ft, of which there will be no development charges payable, comprises 158,992 sq ft under the “B2” use group (non-landed residential) and 900 sq ft under “Commercial” use group.
Mr Michael Tay, Head of Capital Markets, Singapore at CBRE says, “Given the dearth of prime freehold residential sites for sale in the last 18 months, we expect this site to attract 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. The site thus presents them a rare acquisition opportunity, as it features superior attributes including a freehold tenure, an upscale residential address and proximity to the main Orchard Road shopping belt – at a relatively palatable quantum.”
Mr Tay adds, “The 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. There 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’s CBD skyline.”
The Devonshire Road freehold development site enjoys tranquility in an upscale residential enclave, while being only a stone’s throw away to the bustling Orchard Road that offers a wide array of F&B, lifestyle and entertainment amenities. Surrounding high-rise residential developments include The Metz, Saint Thomas Suites and New Futura, while retail malls such as 313 Somerset, Orchard Central, Mandarin Gallery and Ngee Ann City, as well as medical facilities such as Paragon Medical Centre and 111 Somerset Medical Centre, are also within proximity.
Nearby educational institutions include Chatsworth International School (Orchard Campus), and River Valley Primary School. Singapore River and Fort Canning Park are also within walking distance.
The public tender for the Devonshire Road freehold development site will close at 3pm on 27 October 2020.
Mr Paul Ho, chief mortgage officer at iCompareLoan, said: “the Devonshire Road freehold development site provides an opportunity to be just less than a kilometre away from Orchard Road and 4.5 km from Marina Bay. It is is situated in a very desirable area in District 9, in the island’s Core Central Region. just a short walk from Singapore’s famous shopping strip. It’s in an area surrounded by residential buildings and commercial centres, yet still maintains the warmth of community.”
The site is just an easy stroll away from the Somerset MRT Station, which is on the North-South Line. Just one stop away is Dhoby Ghaut, which is an interchange on the North-South, North-East and Circle Lines. The following two stations are City Hall and Raffles Place (both on the North-South and East-West Lines), and the next one drops you off at Marina Bay.
If you’d rather take your own car, you can choose a number of easy routes to get to your destination. Just around any corner are roads that provide quick access to the city and the nearby suburbs, like River Valley Road, Orchard Boulevard, Grange Road, and Orchard Road. The CBD area is in fact only 4 minutes away by car or 20 minutes on foot via River Valley Road. The Central Expressway meanwhile, will allow you to travel to the rest of the island.
There are a lot of schools near by as well – which is great news if you’ve got children. You won’t have to travel too far to bring your children to school; your older kids can even go on their own. There’s an abundance of kindergartens and pre-schools, primary schools, secondary schools, even international ones. There are a lot of colleges and universities in the area too. Among the prominent institutions in the area are St. Margaret Primary School, Raffles Girls’ School, and Catholic Junior College.