Gilstead Court cuts en bloc price tag to $153m

The decision to cut back the reserve price from its original $168m price comes after cooling measures in July.

Collective sale site Gilstead Court has been relaunched for sale by tender at a lower reserve price of $153m, an announcement by real estate firm JLL revealed.

The decision to cut back the reserve price from its original $168m price tag comes on the back of July 2018’s market cooling measures and the Urban Redevelopment Authority’s (URA) revised maximum allowable dwelling units in non-landed residential developments which affected the development.

Also read: Elizabeth Towers relaunched for en bloc sale at $610m

“This was duly approved at the extraordinary general meeting (EGM) and owners who are supportive of lowering the reserve prices started signing a supplemental agreement (SA) to effect this,” JLL said. “Owners representing more than 60% by total share value and by total floor area have executed the SA.”

Gilstead Court which sits on a 75,479 sqft site comprises of 24 129 sqm apartments and 24 136 sqm units, totalling 48 units across three four-storey apartment blocks. Under the 2014 Master Plan, the site is zoned ‘residential’ with a gross plot ratio of 1.4 and may be redeveloped to accommodate a five-storey boutique development, JLL revealed.

Subject to approval from the URA, a potential developer may configure the allowable gross floor area (GFA) of 113,067 sqft up to 98 apartments at a minimum size of 100 sqm.

Also read: En-bloc hopefuls struggle in Singapore's weakening property market

The development is located in an established private residential enclave within the Newton/Novena locale that is popular amongst locals and expats due to its proximity to academic institutions, the Health City Novena medical facility and the Central Business District (CBD).

“We expect good interest for this site due to the reasonable pricing and the recent strong interest received for the nearby Kampong Java GLS site with seven bidders,” JLL’s executive director Tan Hong Boon said in a statement. “For developers looking to replenish their land bank for this New Year, the District 11 Gilstead Court with its proximity to good schools, ample amenities and excellent connectivity would be a compelling investment choice.”

The tender for Gilstead Court will close on 27 February 2019 at 2:30 p.m.

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