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Freehold St Thomas Ville targets bids of more than S$58m in collective sale

Freehold St Thomas Ville targets bids of more than S$58m in collective sale.

OWNERS of St Thomas Ville, located along 38 St Thomas Walk, are eyeing bids in excess of S$58 million for their District 9 property in a collective sale.

Over 80 per cent of the owners have consented to the sale, said sole marketing agent JLL in a media release on Monday.

The freehold 12-storey site just off River Valley Road comprises 23 apartments built on a regular shaped plot.

The 11,407 square foot site is zoned "residential" under the Urban Redevelopment Authority's (URA) 2014 master plan, with a gross plot ratio of 2.8 and an allowable height of up to 36 storeys, JLL said.

The asking price works out to about S$1,816 per sq ft per plot ratio (psf/ppr), or S$1,754 psf/ppr after factoring in the 10 per cent bonus balcony and corresponding estimated development charge of around S$3.6 million.

The site is within walking distance of Great World City and the Orchard Road shopping district, and is some 600 metres away from the upcoming Great World MRT station on the Thomson-East Coast line.

Amenities like Robertson Quay, Boat Quay, Liang Court and Chinatown are a short drive away.

The site is not subject to a pre-application feasibility study, JLL said, which requires potential buyers to engage an experienced traffic consultant to assess the transport impact and recommend a development proposal that is car-lite in nature, according to URA.

The agent added that as the site is also located within the Central Area, the guidelines on minimum average size of 70 square metres is not applicable.

"The site's excellent locational attributes would appeal to small and mid-sized developers looking for smaller development plots in prime areas," said Tan Hong Boon, regional director of capital markets at JLL, Singapore.

The tender for St Thomas Ville closes on Sept 10 at 2.30pm.

In a separate release, JLL said it has been appointed the sole marketing agent for the sale of 3 Gul Crescent, a "Business 2" zoned industrial building located in an industrial estate, near Gul Circle MRT station.

The asset consists of two large buildings interlinked together, comprising warehousing, production, office areas, loading and unloading bays and an open yard space.

It has a gross floor area (GFA) of about 64,495 sq ft sitting on a leasehold site of 117,499 sq ft with a balance lease of 22.5 years. The property has a plot ratio of 1.4.

The site is currently built up to a 0.55 plot ratio and has the potential to be refurbished and redeveloped to maximise its plot ratio by an additional 100,004 sq ft of GFA.

The vendors, an import and distribution business servicing the print industry, are relocating in order to optimise their operations, and are seeking offers in excess of S$13 million.

The expression of interest closes on Sept 14 at 3pm.

Adapted from The Business Times, 7 August 2018.