Savills said it expects strong interest in the site as there are no new project launches near the Novena MRT station.
Savills Singapore launched the tender of 27 Moulmein Rise and a smaller piece of adjacent land at a minimum guide price of$110m, Savills Singapore said. No development charges are payable.
According to a press release, both plots of land are owned by a single owner – 27MR Pte Ltd. with a total land area of 2,062.3 sqm (22,198 sqft). The prime residential development sites sit at the junction of Moulmein Rise and Sinaran Drive.
The sites have a combined maximum allowable gross floor area of 72,147 sqft (inclusive 10% balconies). Subject to approvals from the relevant authorities, the sites may be developed to yield up to 87 units (based on an average of 70 sqm).
Savills noted that the collective residential development sites are located within the prime district 11 and within a 3 minutes stroll to the Novena MRT Station as well as minutes’ walk to more than 500,000 sq ft of retail and F&B across Velocity Novena Square, Square 2 and United Square. “The sites are also close to the PIE and CTE and a mere 20 minutes drive to Singapore Changi Airport. Located adjacent to these sites, is the upcoming Health City Novena (HCN) – a 17-hectare integrated masterplan comprising health services, research, education, commercial, leisure and public spaces, due for completion by 2030,” it added.
Savills Singapore consultant Steven Ming noted that Novena is a significant commercial district with major commercial properties such as Novena Square, United Square and Square 2. Major occupiers of office buildings in the locale include the Central Provident Fund Board, Inland Revenue Authority of Singapore, Kellogg, Starwood Hotels, C Melchers Gmbh and Regus serviced office amongst others.
Ming added, “There are limited development opportunities and lack of new project launches in the pipeline which are in such close proximity to the Novena MRT station and we expect strong interest in this site. This is an extremely rare offering and apart from adopting a build and sell strategy, the site also makes for an excellent location for a branded service residences that will meet the rising demand from medical tourism in the immediate future.”
The tender for 27 Moulmein Rise will close at 3 p.m. on 18 April 2018.
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