A FREEHOLD residential redevelopment site at 1C Evelyn Road in District 11 is up for sale via expression of interest with a guide price of S$20 million, sole marketing agent JLL said on Wednesday.
This translates to about S$1,467 per square foot (sq ft) per plot ratio based on a 9,873 sq ft site with a gross plot ratio of 2.8, inclusive of development charge.
The land plot is zoned for residential use and has an allowable height of up to 36 storeys under the Urban Redevelopment Authority's Master Plan 2019.
A two-storey detached house with an annex self-contained apartment unit sits on the site. The land plot received outline planning permission in 2019 to be redeveloped into a boutique residential development comprising 25 apartments with a minimum average unit size of 100 square metres.
JLL said the potential gross floor area of the development would be 29,578 sq ft, inclusive of the additional 7 per cent bonus gross floor area for balconies.
1C Evelyn Road is situated at the city fringe. It is a two-minute drive from the Orchard Road shopping belt via Scotts Road, some 550 metres from Newton MRT Interchange and about 700 metres from Novena MRT station and medical hub.
The land plot is also a five-minute walk from Newton Food Centre. Other shopping amenities in proximity include United Square, Goldhill Shopping Centre, Novena Square, Square 2 and Royal Square.
JLL senior director for capital markets Yong Choon Fah said the land plot has potential for a high-rise residential development with unobstructed views across the Bukit Tunggal Good Class Bungalow Area and Chancery Lane landed estates.
"In Singapore, the more common form of co-living operation is the asset-light leased model but more players in Singapore could move into the owner-operator model soon," she said.
She noted that the site may have good potential for serviced apartment and co-living development candidates, subject to obtaining approval from the relevant authorities.
The expression of interest exercise for 1C Evelyn Road will close on Nov 4, 2.30pm.