Savills Singapore is pleased to announce the launch for sale by tender, the collective sale of Sixth Avenue Centre.
Completed in the mid 1980s, the freehold mixed-use development which consists of 7 shops and 18 apartments, occupies a prominent corner plot of 1,394.4 sq m (or 15,009 sq ft) at the junction of the main Bukit Timah Road and Sixth Avenue and approximately 150 metres from the Sixth Avenue MRT station. The site is zoned for commercial & residential use with a gross plot ratio of 3 under the 2014 Master Plan. It may be developed up to 5-storeys with an allowable gross floor area of 4,183.2 sq m (or 45,028 sq ft).
Subject to approvals by the relevant authorities, the site can potentially accommodate a development with shops and 35 apartments averaging 753 sq ft each with a total gross floor area of 18,011 sq ft and 27,017 sq ft respectively. In principle approval from the relevant authorities has also been obtained for a serviced apartment and commercial development.
Sixth Avenue Centre is located within an established residential neighbourhood surrounded by popular condominiums such as Royalville, Fifth Avenue Condominium, Sixth Avenue Ville and Villa Azura as well as prestigious mixed landed homes and Good Class Bungalows. Guthrie House, a commercial building, is situated opposite. It is a short drive to trendy eateries and shopping amenities at The Grandstand, in the Dempsey Hill and Holland Village enclave and the green lungs around Botanic Gardens. Reputable schools located in close proximity include Nanyang Primary School, Raffles Girls’ Primary School and Henry Park Primary School.
Based on the allowable Gross Floor Area of 4,183.2 sq m, the reserve price for the Collective Sale of Sixth Avenue Centre is S$86 million which translates to a land rate of S$1,922 psf ppr including a small development charge of approximately S$557,000. An application has been made to SLA for amalgamation of an adjoining state land parcel. If approval is granted, the subject site will be enlarged with a reduction in the effective land rate.
“Amidst the redevelopment of Royalville and the Fourth Avenue GLS site coupled with the unparalleled convenience of a MRT station located a stone’s throw away, Sixth Avenue Centre presents an attractive offering for developers to acquire a boutique residential/service apartment site complemented with retail and lifestyle F&B options smack in the heart of the affluent Sixth Avenue/Bukit Timah residential enclave” said Suzie Mok, senior director of Investment Sales at Savills Singapore who is handling the sale.
The tender for Sixth Avenue Centre will close at 3pm on 25 July 2018.