Currently fully leased to a single operator, the freehold, 12-unit serviced apartment in District 9 has a total gross floor area of about 23,233 sq ft. Photo: CBRE
Devonshire Apartment, an eight-storey serviced apartment tower at 17 Devonshire Road in District 9, has been launched for sale via expression of interest (EOI) with a guide price of $66 million, revealed exclusive marketing agent CBRE.
This works out to $2,356 per sq ft per plot ratio (psf ppr) based on the maximum allowable gross floor area of 31,688 sq ft, excluding the 7% bonus gross floor area for balconies.
Currently fully leased to a single operator, the 12-unit serviced apartment has a total gross floor area of about 23,233 sq ft. It occupies an 11,317 sq ft freehold site that is zoned for “Residential” use under the 2019 Master Plan with a plot ratio of 2.8 and a height limit of up to 36 storeys.
CBRE noted that the development charge payable to maximise the plot ratio is estimated to be $8.65 million, subject to the confirmation of authorities on the development baseline as well as the review of DC rates every March and September.
Located near Somerset MRT station, the serviced apartment is also close to Orchard Road and Robertson Quay, with nearby landmarks including Orchard Gateway, 313 Somerset, Hotel Jen and Fort Canning Park.
CBRE’s Head of Capital Markets for Singapore Michael Tay said the successful buyer can continue enjoying a stable income stream since the property is fully leased to a single serviced apartment operator.
The buyer can also opt to redevelop the site “to leverage on the under-utilised gross plot ratio”.
“We rarely come across well-located serviced apartments within proximity to the prime Orchard Road shopping belt made available for sale, yet still at a palatable investment quantum of under $100 million made available for sale. Therefore, we expect this site to garner strong interest from both local and foreign investors and hospitality end-users, as well as developers who are starting to look out to replenish their land banks or targeting the luxurious residential market,” said Tay.
The EOI exercise for Devonshire Apartment closes on 6 April.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: firstname.lastname@example.org