The single owner of three adjoining freehold properties along Queen's Road and Duke's Road with a total area of 25,425 sq ft are up for sale by tender, said marketing agent Knight Frank (KF).
According to KF, the asking price of $45 million or more will work out to $1,430 per sq ft per plot ratio, after an estimated $5.8 million development charge for redeveloping apartments with a gross plot ratio of up to 1.4 is factored in, yielding a maximum gross floor area of 35,595 square feet.
The double frontages of 42 metres' width on both the Queen's Road and Duke's Road front, and walking distance to the Botanic Gardens MRT station, together with its single ownership status, and the non requirement for seeking approval from the Strata Titles Board, adds to its appeal. It will undoubtedly attract strong interest because of its strategic location and relative size affordability, KF said.
Recent URA sales transaction figures for neighbouring projects:
Cluny Park Residence and The Siena
The Bukit Timah tender for the properties closes at 3pm on April 9.