SINGAPORE (EDGEPROP) - An eight-storey serviced apartment tower at 17 Devonshire Road, comprising 12 units with  23,233 sq ft in total gross floor area, is now on the market at a guide price of $66 million. CBRE is the exclusive marketing agent for the site.

The price translates to $2,356 psf per plot ratio based on the maximum allowable gross floor area of 31,688 sq ft, excluding the 7% bonus gross floor area for balconies.

The tower is on a rectangular plot of freehold land measuring around 11,317 sq ft. It enjoys a wide frontage of 18.5m on Devonshire Road. The units are currently leased to a single operator.

According to the Master Plan 2019, the site is zoned for “residential” use, with an allowable plot ratio of 2.8 and a maximum height of up to 36 storeys.

The development charge payable to maximize the plot ratio is estimated to be $8.65 million, subject to the authorities’ confirmation on the development baseline and review of DC rates every March and September.

Michael Tay, head of capital markets, Singapore at CBRE, says: “The successful buyer can choose to continue to enjoy a stable stream of reasonable income as the property is currently fully leased to a single serviced apartment operator, or redevelop to leverage on the under-utilised gross plot ratio.”

The apartment is within a six-minute walk to Somerset MRT station and shopping malls including 313@Somerset, Orchard Central and The Centrepoint.

“We rarely come across well-located serviced apartments within proximity to the prime Orchard Road shopping belt. 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,” says Tay.

The sale will be conducted via an Expression of Interest exercise, which will close on April 6, 3pm.

Check out the latest listings near Devonshire Apartment, Devonshire Road, Somerset MRT station