October 31, 2022
SINGAPORE, 31 October 2022 – PropNex Realty, the largest real estate agency in Singapore is pleased to announce that two adjoining freehold residential sites at 62 and 64 Wilkie Road will be put up for collective sale via tender on 1 November 2022.
Currently, 62 Wilkie Road comprises 3 residential units, while 64 Wilkie Road houses 5 residential units. The two residential buildings sit on a combined site spanning 5,849 sq ft and it is zoned for residential use with a gross plot ratio of 2.1, under the URA Master Plan 2019. The combined site is priced at $19.5 million, which translates to a land rate of $1,485 psf per plot ratio, inclusive of the 7% bonus balcony space and land betterment charge.
Wilkie Road is located in the sought-after District 9 and it is within walking distance to several MRT stations in the vicinity, such Dhoby Ghaut, Bencoolen, Little India, Rochor, Bras Basah and Bugis MRT stations – which provide connectivity via five different MRT lines (North-South, North-East, Circle, Downtown, and East-West Lines).
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “We expect keen interest from local developers for this collective sale site, owing to its affordable pricing, attractive location in District 9 in the city centre, its freehold land tenure, and proximity to a number of MRT stations, which offer excellent connectivity to the rest of Singapore, including Orchard Road, Marina Bay, and the central business district. Supply of freehold land in the city is limited and this tender presents a rare opportunity for developers to acquire a prime freehold residential site in the heart of Singapore’s vibrant Arts and Cultural District in the city.”
Schools that are in the vicinity of the subject site include Anglo-Chinese School (Junior), St. Margaret’s Primary School*, Farrer Park Primary School, River Valley Primary School, St. Joseph’s Institution Junior, Singapore Management University, LaSalle College of The Arts (McNally Campus), School of the Arts, Nanyang Academy of Fine Arts, and Chatsworth International School (Orchard Campus).
There are also a range of amenities nearby which will offer greater convenience to residents. These include Plaza Singapura, Bugis Junction, Mustafa Centre, City Square Mall, GR.ID mall, Tekka Market, and various eateries in Prinsep Street, Selegie Road, and Little India.
With a gross floor area of 1,141 sq m (about 12,282 sq ft), the successful buyer of the site will be able to redevelop the plot to offer a boutique residential project comprising 26 units within an 8-storey building (height limit of 36 metres). The estimated project size is based on the recently announced revision to the guidelines on dwelling units (DUs) in non-landed residential developments within the Central Area, where new flats and condominiums will be required to provide a minimum of 20% of DUs with a nett internal area of at least 70 sq m (with effect from 18 January 2023).
The collective sale tender will close on 22 November 2022 at 2 pm.
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