News: Freehold site near somerset MRT station up for tender

Sep 17, 2020

The freehold 56,481 sq ft site, which accommodates the two-block condominium The Bayron, will be up for tender for $376 million. Photo: CBRE

A 56,481 sq ft freehold development site in District 9, which currently accommodates the two-block condominium The Bayron, has been launched for public tender with a guide price of $376 million, revealed exclusive marketing agent CBRE.

The elevated site enjoys dual frontage spanning around 64 meters along Saint Thomas Walk and 24 meters along Devonshire Road. As such, the 96-unit The Bayron holds the addresses of 49 Saint Thomas Walk and 13 Devonshire Road.

Situated just 350 meters from the Somerset MRT station, the site is zoned for “Residential” use under the 2019 URA Master Plan with a height control of up to 36 storeys and a plot ratio of 2.8.

CBRE noted that the $376 million price reflects a land price of about $2,377 per sq ft per plot ratio (psf ppr). The land price works out to around $2,287 psf ppr after factoring the 7% bonus gross floor area allowed for balconies.

The Bayron_PhotoCredit_CBRE

Credit: CBRE

The site can be redeveloped to feature a new residential development of up to 220 apartment units, averaging 66 sq m (around 710 sq ft).

The development baseline reply from URA stated that no development charge will be payable for gross floor area of around 159,892 sq ft.

“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,” said Michael Tay, Head of Capital Markets, Singapore at CBRE.

Situated within an upscale residential enclave, the site is near the F&B, entertainment and lifestyle amenities at Orchard Road. Surrounding residential developments include The Metz, New Futura and Saint Thomas Suites.

Nearby schools include River Valley Primary School and Chatsworth International School (Orchard Campus). Forth Canning Park and Singapore River are also within walking distance.

Given the dearth of prime freehold residential site for sale over the past 18 months, Tay expects the 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 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,” he added.

The tender for the site closes on 27 October.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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