The tender for the collective sale of the freehold The Wilshire along Farrer Road has been launched.
Savills Singapore, the marketing agent for the District 10 property’s collective sale, said that the indicative guide price is S$98.07 million, which works out to S$1,525 per square foot per plot ratio (psf ppr) based on the existing gross floor area (GFA) of 64,310 sq ft.
The Wilshire, which is on a 39,130 sq ft site, is about 500 m from Farrer Road MRT Station.
The existing GFA reflects an equivalent plot ratio of 1.643, which exceeds the 1.6 plot ratio for the site in the Urban Redevelopment Authority’s Master Plan 2014. The site is zoned for residential use.
“The site can be redeveloped into a new 12-storey project up to the current GFA, with no development charge payable,” said Suzie Mok, senior director of investment sales at Savills Singapore.
The Wilshire, which was built in the 1980s, is an eight-storey development with 20 apartments with strata areas ranging from 2,196 sq ft to 5,662 sq ft; owners stand to receive gross sales proceeds ranging from S$3.7 million to S$6.8 million per unit respectively, based on the indicative guide price.
Savills had also previously marketed The Wilshire’s collective sale in 2014; back then, the indicative guide price was S$96-98 million. However, the Singapore residential property market sentiment was pretty grim back then, following the introduction of the Total Debt Servicing Ratio (TDSR) framework in late June 2013.
Ms Mok is more sanguine about finding a buyer for The Wilshire site this time round, given the current collective sale boom.
She is also counting on a spillover of interest in the site from the buzz being generated from the Government Land Sale (GLS) site in Holland Road that is currently up for tender. “The neighbourhood is poised to enjoy the convenience of an upcoming mall and the amenities from the future project on the GLS site which will be the catalyst for potential capital value uplift in the near future,” she added.
The Holland Road GLS site is zoned for commercial and residential use.
The tender for The Wilshire will close on Jan 25, 2018.