SIXTH Avenue Centre, a mixed-use boutique site located at 805 Bukit Timah Road, will be launched for collective sale via tender on Tuesday (Nov 9), exclusive marketing agent Cushman & Wakefield said on Monday (Nov 8).
The reserve price of S$85 million translates to a land rate of S$1,861 per square foot per plot ratio (psf ppr). This is inclusive of a nominal development charge payable to build up to the plot ratio of 3.0 and for the bonus balcony space.
Sixth Avenue Centre sits on a trapezoidal land plot spanning 15,009 sq ft. The site, which is zoned for commercial and residential use, has a maximum allowable gross floor area (GFA) of 45,028 sq ft. Up to 40 per cent of the total GFA is allowed for commercial use and the remaining 60 per cent for residential purposes.
The site in 2018 received approval from the Urban Redevelopment Authority for its residential portion to be retained as serviced residences. The future developer must also join a small portion of remnant land at the splayed corner junction. The extra state land spans about 85 square metres, and is expected to reduce the average land cost to S$1,788 psf ppr on the overall site, Cushman & Wakefield said.
The building is 40 years old and located at the junction of Sixth Avenue and Bukit Timah Road. Sixth Avenue MRT Station is a 3-minute walk away, connecting the locale from Newton to Cashew. Currently, the property comprises 7 retail shops and 18 residential units.
Cushman & Wakefield’s director of capital markets Christina Sim said developers and investors can build and own an exclusive suburban boutique project with guaranteed robust demand for hip retail, lifestyle and residential concepts.
She noted that Sixth Avenue Centre is located within the affluent suburbia precincts of District 10, coupled with a young population and high purchasing power. Upcoming new neighbours include Royal Green and Fourth Avenue Residences.
The collective sale tender for Sixth Avenue Centre will close at 3pm on Jan 6, 2022.