Savills Singapore is pleased to announce the tender sale launch of No. 27 Moulmein Rise (and a smaller piece of adjacent land).
Both plots of land are owned by a single owner – 27MR Pte Ltd. With a total land area of 2,062.3 sq m (22,198 sq ft), the prime residential development sites sits at the junction of Moulmein Rise and Sinaran Drive. The sites have a combined maximum allowable gross floor area of 72,147 sq ft (inclusive 10% balconies). Subject to approvals from the relevant authorities, the sites may be developed to yield up to 87 units (based on average of 70 sq m).
The collective residential development sites are located within the prime district 11 and within a 3 minutes stroll to the Novena MRT Station as well as minutes’ walk to more than 500,000 sq ft of retail and F&B across Velocity Novena Square, Square 2 and United Square. The sites are also close to the PIE and CTE and a mere 20mins drive to Singapore Changi Airport. Located adjacent to these sites, is the upcoming Health City Novena (HCN) – a 17-hectare integrated masterplan comprising health services, research, education, commercial, leisure and public spaces, due for completion by 2030.
“The completion of the Health City Novena further cements Singapore’s position as the top medical tourism destination in Asia and will augment residential occupational demand in the immediate vicinity, further enhancing the attractiveness of sites in close proximity to HCN and Novena MRT”, commented Steven Ming, consultant at Savills Singapore who is handling the sale.
Novena is a significant commercial district with major commercial properties such as Novena Square, United Square and Square 2. Major occupiers of office buildings in the locale include the Central Provident Fund Board, Inland Revenue Authority of Singapore, Kellogg, Starwood Hotels, C Melchers Gmbh and Regus serviced office amongst others. The recent completions of the Oasia Hotel and Courtyard Singapore Novena further highlights the location as an essential commercial and healthcare destination.
“There are limited development opportunities and lack of new project launches in the pipeline which are in such close proximity to the Novena MRT station and we expect strong interest in this site. This is an extremely rare offering and apart from adopting a build and sell strategy, the site also makes for an excellent location for a branded service residences that will meet the rising demand from medical tourism in the immediate future”, added Steven.
The sites are launched for sale at a minimum guide price of S$110m. No development charges are payable.
The tender for 27 Moulmein Rise will close at 3pm on 18 April 2018.