Savills Singapore is pleased to announce the launch for sale by tender the collective sale of The Wilshire.
Savills Singapore is pleased to announce the launch for sale by tender the collective sale of The Wilshire.
The Wilshire, a 20-unit residential development, is prominently located along Farrer Road. Having a land area of 3,635.3 sq m (or 39,130 sq ft), the corner plot is zoned for residential use with a plot ratio of 1.6 under the 2008 Master Plan. The allowable gross floor area is 5,974.61 sq m (or 64,310 sq ft) and can be developed up to 12-storey from its current 8-storey height.
The site is situated in an established District 10 residential enclave, a favourite amongst home owners and expatriates. It is surrounded by popular condominiums such as Waterfall Gardens, The Levelz, Sutton Place and the upcoming Pollen & Bleu, D’Leedon, Leedon Residence Park and Cluny Park Residence. Within walking distance to Farrer Road MRT station and minutes drive to the Ayer Rajah and Pan Island Expressway, the site lies in close proximity to the Orchard Road shopping belt, Dempsey Hill and Holland Village where a wide variety of trendy eateries and shopping amenities can be found, the Botanic Gardens, clubs and established international and elite schools - Nanyang Primary School and Raffles Girls Primary School.
The Collective Sale of The Wilshire has an indicative guide price of between S$96 million to S$98 million or about S$1,493 to S$1,524 psf ppr respectively based on the allowable Gross Floor Area of 5,974.61 sq m or equivalent plot ratio of 1.643. Due to its high development baseline, the indicative land price would be lowered to around S$1,408 to S$1,436 psf ppr respectively after factoring a development charge of approximately $3.6 million for the extra 10 per cent balcony space. The site can potentially accommodate up to a maximum of 85 new apartments averaging 753 sq ft. The breakeven cost is estimated to be between S$2,000 to S$2,100 psf. In comparison, two-bedroom apartments of 840 sq ft at the nearby Cluny Park Residence were transacted at the unit rate of between S$3,109 to S$3,180 psf in the second half 2013.
“We expect keen interest in the site as there is a scarce availability of choice freehold residential plots in the market. With a price tag of less than S$100 million, it will appeal to boutique developers seeking to design an iconic development of smaller-sized one and two-bedroom apartments with affordable price quantum. Such apartments will remain popular with investors and owner-occupiers due to its desirable residential address and proximity to reputable schools” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore who is handling the sale.
The tender for The Wilshire will close at 3pm on 28 May 2014.