THE Beaumont at 145 and 147 Devonshire Road, Somerset, will be launched for collective sale via public tender with a guide price of S$478 million on Dec 10, sole marketing agent Savills said.
Spanning 74,739 square feet (sq ft), the freehold boutique development consists of 64 units spread across a 5-storey and a 10-storey tower. It is zoned residential with an allowable gross plot ratio of 2.8 and an achievable proposed gross floor area (GFA) of 209,269 sq ft.
The site also has a development charge of S$44.4 million. This, along with the guide price, translates to about S$2,496 per square foot per plot ratio (psf ppr). After factoring in the 7 per cent bonus GFA, development charge increases by S$17.3 million, while the price becomes S$2,410 psf ppr, according to Savills.
The Beaumont can be redeveloped into up to 36 storeys comprising 227 units averaging 70 square metres per unit, Savills said.
Located in a quiet cul-de-sac in the prime District 9, The Beaumont is a 2-minute walk away from Somerset MRT. In its vicinity are Mount Elizabeth Hospital, Tanglin Club, The American Club, River Valley Primary School, ISS International School and Chatsworth International School.
It was completed in 1985 by Malaysian-listed conglomerate Keck Seng, which still holds significant interest in the development.
According to Jeremy Lake, managing director of sales and capital markets at Savills Singapore, owners are attempting another collective sale because “the timing is excellent”.
“The luxury residential market is strong and developers are hungry to buy prime sites,” Lake said. He expects the tender to receive at least 6 bids.
The tender for The Beaumont will close on Jan 20, 2022, at 3 pm.