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Property News06 Aug 2018

Freehold St Thomas Ville eyes $58m in bid for sale en bloc


SINGAPORE - Owners of St Thomas Ville, located along 38 St Thomas Walk, are eyeing bids in excess of $58 million for their District 9 property in a collective sale.

Over 80 per cent of the owners have consented to the sale, said sole marketing agent JLL in a media release on Monday (Aug 6).

The freehold 12-storey site just off River Valley Road comprises 23 apartments built on a regular shaped plot. The 11,407 sq ft site is zoned "residential" under the Urban Redevelopment Authority's 2014 masterplan, with a gross plot ratio of 2.8 and an allowable height of up to 36 storeys, JLL said.

The asking price works out to about $1,816 per sq ft per plot ratio (psf ppr), or $1,754 psf ppr after factoring in the 10 per cent bonus balcony and corresponding estimated development charge of around $3.6 million.

The site is within walking distance to Great World City and the Orchard Road shopping district, and is some 600m away from the upcoming Great World MRT station on the Thomson-East Coast line. Amenities like Robertson Quay, Boat Quay, Liang Court and Chinatown are a short drive away.

The site is not subject to a pre-application feasibility study, JLL said, which requires potential buyers to engage an experienced traffic consultant to assess the transport impact and recommend a development proposal that is car-lite in nature, according to the Urban Redevelopment Authority's (URA) website.

The agent added that, as the site is also located within the Central Area, the guidelines on minimum average size of 70 sq m is not applicable.

"The site's excellent locational attributes would appeal to small and mid-sized developers looking for smaller development plots in prime areas," said Mr Tan Hong Boon, regional director of capital markets at JLL, Singapore.

The tender for St Thomas Ville closes on Sept 10 at 2.30pm.

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