The combined price of all three buildings is expected to fetch around $200 million.
JLL and CBRE were jointly appointed to market three prime residential properties for sale by public tender.
The three properties belong to a group of investment holding companies. The specific location of the buildings are at No. 3 Cuscaden Walk(Cuscaden Walk), No. 120 Grange Road(Grange 120) and No.8 Hullet Road(Hullet Court). In addition to these three buildings, the vendor has also appointed JLL to sell two units at The Claymore by private treaty.
No. 3 Cuscaden Walk
No. 3 Cuscaden Walk is a 12 storey block consisting of 11 units built in the early 1990s. Unit sizes average around 3627sqft. The property is sitting on a land area of 21,560 sqft. With a plot ratio of 2.8 under URA’s 2014 master plan, the height of the future development could be up to 36 storeys. This plot is about 300 meters to Ion Orchard and nearby luxury developments such as Boulevard Vue, Skyline @ Orchard Boulevard, and TwentyOne Angullia Park. According to Mr Karamjit Singh, Head of Residential at JLL Singapore, “Given the age of the building and potential building height and plot ratio, this property is ripe for redevelopment into a modern luxurious high-rise residential tower with, for example, 30 units of 2,000 sqft apartments.” With an indicative land rate of $1900 psf per plot ratio, this plot itself could already attract offers over $100 million.
No. 120 Grange Road
No. 120 Grange Road is an 11-storey block consisting of 18 units. Sizes of each unit are around 1464 sqft. The property is sitting on a land area of 15,780 sqft with a plot ratio of 2.1. It is located just beside CDL’s Cliveden @ Grange and diagonally opposite Gramercy Park.
No. 8 Hullet Road (Hullet Court)
Of the three buildings, No. 8 Hullet Road is the newest that was completed in 2001. It is a 10-storey block consisting of 18 units, with a mix of 2 to 3 bedrooms. Sizes range from 893 to 1152 sqft. The property is sitting on a land area of 10,733 sqft with a plot ratio of 2.8. It is located just beside Chatsworth International School and near the almost completed Cairnhill Nine.
According to Mr Jeremy Lake, Executive Director at CBRE Singapore, he believes that both Grange Road and Hullet Road buildings are an excellent fit for investors given their boutique scale and rentability and expected offers within the ballpark of $50 million and $35 million respectively. This works out to about $1,900 psf on the existing strata areas.
Mr Lake also said that a bidder could cherry-pick amongst the assets or acquire the entire portfolio. Either way, they expect very keen interest. Sentiment has improved recently, and the demand for prime residential properties has picked up in the last few months with strong sales seen at projects like OUE Twin Peaks, Gramercy Park, Ardmore 3 and Cairnhill 9.”
Mr Singh also said that the robust response JLL received at the tender of a site at 9 Cuscaden Road in May this year was also a strong validation. Singapore’s high-end homes offer good value despite ABSD as prices here have dropped over the last five years while most major international markets have risen.
The tender is expected to close on the 2nd November 2016 at 2 pm.
Further details about the public tender are available at JLL’s website.
