Prime Residential Development Up for Sale In Orchard Road
Singapore – Not too long ago, one super big group of foreign heavy weight real estate investment holding companies, positioned 3 very old and run-down residential properties around Orchard road up for a bargain by the most universal tender exercise. The three of them are No. 120 Grange Street, No. 3 Cuscaden Mansion and No. 8 Hullet Street. Customers or VVIPs who were keen to participate in this tender exercise can opt for the purchase of all three development in bulk or to choose any one of them separately.
The above-mentioned development situated at No. 120 Grange comprises of only 1 tower block at 11-storey high and eighteen small apartments. Along with a total strata region of 26,350 square foot and a site area of 15,780 square foot. Beneath the year 2014 Master Strategy Plan, it is certainly zoned for dwelling purposes, with a maximum site proportion of 2.1 and an altitude restriction of as far as 24 storeys. The subject site is only approximately 400 meters apart from the new Orchard Boulevard train station running on the upcoming Thomson East Coastline range.
On the other hand, 3 Cuscaden Mansion which is completed in 1994 includes a 12-level block and 11 units of 4-bedroom type only. Albeit huge with around 3,600 square foot in size each. Beneath the year 2014 Master Strategy Plan, this plot of land has a strata region of 21,560 square foot which is certainly zoned for dwelling purposes and with a maximum site proportion of 2.8. It has an altitude restriction of as far as 36-storeys.
The subject site is situated less than 300 meters from Orchard train station as well as ION Orchard shopping mall. According to market watchers, they will draw in offers of more than $100 million, demonstrating the attractiveness of this site. It was eventually sold to Sustained Land at a purchase price of $103.8 million, translating into $1,826psf per plot ratio in this prime district 10 precinct, said Mr Bong of JLB International.
The latest into the market and also the tiniest among these 3 developments is at 8 Hullet Street. Completed in the early millennium, it is only a 10-level block containing eighteen units and with a total strata region of 18,428 square foot. Housing only nine small 2 and 3-bedroom layouts each respectively but the subject site is within 350 meters from Somerset train station.
Jack Teo, senior director in CB International, believe the offers pouring in for both Hullet and Grange to be in the scope of between $35 to $50 million, working out to be $1,900 per square foot based on their current strata dimensions. Probably a higher selling price than 3 Cuscaden when they are ready to be put on sale.
If you are keen to ride on the positive market sentiment and invest your money into our prime districts, this is the perfect opportunity for you now. All 3 developments mentioned above are of freehold status, a rare species on offer and we reckon the project 3 Cuscaden to have an edge over the others.