METROPOLITAN YMCA Residences at 58 Stevens Road has been put up for sale via tender with a guide price of S$57 million, announced sole marketing agent JLL on Monday.
Spanning 21,480 square feet (sq ft), the site is zoned residential with a gross plot ratio of 1.4 and an allowable height of up to five storeys. This amounts to about S$1,942 per square foot per plot ratio.
It is run as a serviced apartment with a total of 27 units, a swimming pool and a 24-lot basement carpark. This gives a total gross floor area of some 27,216 sq ft or a price of S$2,094 per square foot.
The successful buyer could redevelop the site to a boutique low-rise residential development for sale or retain its serviced apartments use, noted JLL.
“The property could also be very appealing to investors and family offices who are looking hard for real assets with recurring income potential – a very competitive market seeking yields for their abundant liquidity,” said Tan Hong Boon, executive director of capital markets at JLL.
The sale would be on a fresh leasehold tenure of 103 years and will not be subject to Strata Titles Board application for a sale order.
“No. 58 Stevens Road will be a very appealing proposition to small and medium-sized developers due to the manageable quantum and the prime location as compared to the much larger GLS (Government Land Sales) sites which may be too big for their appetite,” Mr Tan added.
Located in a low-density residential estate off the main road, the apartment is a 380-metre walk from Stevens MRT station or a short distance away from the nearest bus stop.
In the vicinity are Bukit Timah Food Centre, Cluny Court and Newton Food Centre. The property is also less than one kilometre away from the Singapore Chinese Girls’ Primary School and Anglo-Chinese School (Primary).
The tender will close on Aug 11 at 3pm.
source: The Business Times