>

>

Freehold serviced apartment Devonshire Apartment for sale at $66 mil

By Valerie Kor

/ EdgeProp Singapore |

March 9, 2021 3:40 PM SGT

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

Tags:

CBRE freehold Devonshire Apartment Devonshire Road Master Plan 2019 residential Michael Tay Somerset MRT Station 313@Somerset Orchard Central

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Emerald of Katong hits 99% sales at launch, averaging $2,621 psf

2

Kingsford sells 76% of Chuan Park units at an average price of $2,579 psf

3

Is it a Good Deal?: $1.03 million for a four-room HDB flat in District 10

4

Sim Lian Group’s Emerald of Katong: Will it be another top-seller?

5

CDL sells 20% of Union Square Residences at an average price of $3,200 psf

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00