SINGAPORE (EDGEPROP) - Sixth Avenue Centre, a commercial and residential site located at 805 Bukit Timah Road will be launched for collective sale via tender on Nov 9.

Read also: Three adjoining mixed development sites near Botanic Gardens for collective sale at $62.5 mil

Cushman & Wakefield, the exclusive agent for the collective sale, says that owners holding not less than 80% by share values and strata area have agreed to put the 40-year-old building up for sale at $85 million.

The price translates to a land rate of $1,861 psf per plot ratio (ppr) inclusive of a nominal development charge payable to build up to plot ratio 3.0 and for the bonus balcony space.

An estate in perpetuity interest, Sixth Avenue Centre sits on a site area of 1,394.4 sq m, or approximately 15,009 sq ft. It has a maximum allowable gross floor area (GFA) of 4,183.20 sq m or 45,028 sq ft, with up to 40% of the total GFA allowed for commercial use and the remaining 60% to be used for residential purposes. (Find Singapore commercial properties with our commercial directory)

The URA in an Outline Application in 2018 had given approval for the residential portion to be retained as serviced residences. Additionally, it requires the future developer to amalgamate a small portion of remnant land at the splayed corner junction. This extra state land, spanning an estimated 85 sq m, is expected to reduce the average land cost to $1,788 psf ppr on the overall site.

The property is located at the junction of Sixth Avenue and Bukit Timah Road. It is a mixed-use building comprising seven retail shops and 18 residential units.

Sixth Avenue MRT Station on the Downtown Line is a three-minute walk from the property.

Christina Sim, director of capital markets at Cushman & Wakefield, says Sixth Avenue Centre presents a compelling opportunity for developers and investors to build and own an exclusive suburban boutique project.

“Located within the affluent suburbia precincts of District 10, coupled with a young population and high purchasing power, Sixth Avenue Centre will certainly be a prominent landmark and a limited edition offering,” she adds.

The collective sale tender will close at 3 pm on Thursday, Jan 6.

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