Savills Singapore, as the exclusive marketing agent, is delighted to present for sale a freehold residential site for redevelopment at 11 Claymore Road.
Savills Singapore, as the exclusive marketing agent, is delighted to present for sale a freehold residential site for redevelopment at 11 Claymore Road.
Under the 2019 Masterplan, the 17,974 sq ft site is zoned “Residential” with an allowable gross plot ratio of 2.8 and has a height control of up to 36-storeys. Based on URA’s planning parameters, the new development can have a total gross floor area of 53,849 sq ft, inclusive of the 7% bonus Gross Floor Area (GFA) for the balconies. A pre-application feasibility study is also not required by LTA for the site redevelopment of up to 66 apartment units.
The guide price is $95 million which works out to $2,839 per plot ratio after factoring in the 7 percent bonus GFA for balconies and a Land Betterment Charge (LBC) of approximately $57.8m. The Claymore Road end of Orchard Road is set to go through a massive transformation in the coming years with major redevelopments planned for Tanglin Shopping Centre, Ming Arcade and the former Hilton Hotel, Forum Shopping Centre and HPL House. The latter will comprise approximately 1.2m sq ft with hotel, residential, retail, offices, and a performance centre.
Jeremy Lake, Managing Director, Investment Sales & Capital Markets: “Residential sites of this size and in this super prime location are very rarely for sale. In addition to boutique developers, the site is ideal for an Ultra-High-Net-Worth (UHNW) family to design and build their own luxury and bespoke development to stay in rather than buy multiple apartments in a large development from a developer. We have been in touch with buyers like this before when marketing other sites but those sites were too large.
In 2022, Savills successfully sold Tanglin Shopping Centre and Ming Arcade to Pacific Eagle Real Estate and Royal Group respectively. Tanglin Shopping Centre was sold for $868 million which translated to $2,769 psf ppr, assuming full commercial usage, while Ming Arcade was sold for $172 million which translates to $3,125 psf ppr.
Savills Singapore is the exclusive sole and exclusive marketing agent for this Public Tender exercise. The vendor is a private company who has owned the property for more than 50 years.
The tender closes on Wednesday, 8 November 2023, at 3pm.