Knight Frank Singapore is pleased to announce the launch for sale of a freehold mixed-use redevelopment site located at the junction of Upper East Coast Road and Hacienda Grove. The site is put up for sale by tender and Knight Frank is the sole marketing agent.
Lodge 77 is a freehold three-storey residential development with two F&B establishments and a clinic at the first storey. It has a land area of 1,219.2 sqm (approx. 13,123 sq ft). Under the Master Plan 2014, the site is zoned for “Residential with Commercial at 1st storey” with a Gross Plot Ratio (GPR) of 3.0. The site is regular in shape and enjoys a frontage of approximately 30 metres onto Upper East Coast Road.
The subject site is located within the popular private residential district 15 and enjoys high vehicular visibility. The future Siglap (Thomson-East Coast Line) MRT station is also located within 500 metres from the site. The immediate vicinity is predominantly residential in nature, comprising landed housing as well as condominium and apartments developments. Many popular F&B establishments, such as Udder Ice Cream, Starbucks, Coffee Club, are also located along Upper East Coast Road. Established schools nearby includes Ngee Ann Primary School, CHIJ Katong Convent, St Patrick School, Victoria School, Victoria Junior College and Temasek Junior College.
The subject site can be redeveloped into a four-storey residential development with retail shops at the first storey. No Strata Titles Board (STB) approval is required for this acquisition.
The seller is expecting offers of above S$34.2 million. This translates to a land rate of approximately S$1,100 psf per plot ratio (psf ppr), including an estimated development charge of approximately S$9 million.
“We continue to see strong interest for redevelopment opportunities in the eastern part of Singapore. In the past two months, two redevelopment sites at Sea Avenue and East Coast Avenue were transacted. We expect this property to also attract strong interest in view of its location and relatively affordable investment size. It also offers quick turnaround time for prospective purchasers as no STB approval is required,” says Mr Ian Loh, Executive Director & Head, Investment and Capital Markets.
The tender for Lodge 77 will close on 16 December 2015, Wednesday at 3 pm.