Sixth Avenue Center on sale for $85m
The site has a maximum allowable Gross Floor Area of 4,183.20 sq m.
Sixth Avenue Center was relaunched for collective sale for a reserve price of $85m.
The price translate to a land rate of $1,861 psf per plot ratio (psf ppr) inclusive of a nominal development charge payable to build up to plot ratio 3.0 and for the bonus balcony space.
Cushman & Wakefield, the property's marketing agent, said the property will be sold via a second tender from 19 April to 26 May, 3 p.m.
Located at 805 Bukit Timah Road, the commercial and residential site has a maximum allowable Gross Floor Area (GFA) of 4,183.20 sq m (approximately 45,028 sq ft). It also comprises 7 retail shops and 18 residential units.
Of the total GFA, 40% is allowed for commercial use, the remaining 60% is for residential use.
The mixed-use site was first launched at the end of 2021, a time when the cooling measures came into effect.
C&W said, "developers were hesitant to commit to properties with any residential element and preferred to ‘wait and see how the market would react during that period."