A freehold residential redevelopment site in District 9 measuring 56,481 sq ft has been relaunched at a guide price of $376 million. Exclusively marketed by CBRE, the price remains the same as when it was launched for sale last year in September.
The guide price of $376 million works out to a land price of around $2,377 per square foot per plot ratio (psf ppr). Taking into consideration the 7% bonus gross floor area allowed for balconies, the land price will be $2,287 psf ppr.
Currently, the site holds dual addresses at 13 Devonshire Road and 49 Saint Thomas Walk. It accommodates a two-block condominium with 96 units, The Bayron, and has a total strata floor area of 112,300 sq ft. The development is on an elevated plot of land in a private residential enclave that enjoys 24m of frontage along Devonshire Road and 64m of frontage along Saint Thomas Walk. The property is in close proximity to Somerset MRT station and malls along the Orchard Road shopping belt.
Interested developers in The Bayron took a cautious approach when it was previously launched for sale via public tender last September, says Michael Tay, head of capital markets, Singapore at CBRE. As the residential market has demonstrated resilience and Covid-19 vaccinations are being rolled out progressively, he believes that “foreign buying is expected to gradually return”.
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 maximum allowable gross floor area for the site is around 159,893 sq ft, or 169,218 sq ft if including the 7% bonus gross floor area allowed for balconies.
Tay adds that since 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 seeking to downsize, as well as millennials.
CBRE will conduct the sale via a public tender exercise that will close on April 6 at 3pm.