Gilstead Court has been relaunched for collective sale by tender. More than 60% of the owners at the freehold condominium on Gilstead Road, have signed a supplementary agreement to lower the reserve price of their development from $168 million to $153 million. Gilstead Court previously attempted a collective sale in June last year at the higher price, but the bid closed on July 10 with no successful bids.
The collective sale committee of Gilstead Court needs at least 80% of the owners to support the lower reserve price, says JLL, the marketing agent for Gilstead Court. If endorsed, the new reserve price would reflect a land rate of $1,448 psf per plot ratio (ppr), compared to $1,590 psf ppr under the higher price.
Built in 1978, Gilstead Court comprises 24 apartments of 1,389 sq ft, and 24 apartments of 1,464 sq ft, within three 4-storey blocks. The 75,479 sq ft site is zoned “residential” under the 2014 Master Plan, and has a gross plot ratio of 1.4. The new development could comprise up to 98 units at a minimum size of 1,076 sq ft each. A pre-application feasibility study is not required, and no development charge is payable, for the redevelopment of the site.
The development’s address in the Novena/Newton neighbourhood, as well as its freehold tenure and proximity to schools, make it stand out among the many collective sale sites that are being marketed, says Tan Hong Boon, executive director of JLL. He is also confident it will attract developers’ interest, based on the number of bids received for the nearby Kampong Java government land tender.
The tender for Gilstead Court closes on Feb 27.