SINGAPORE, 05 April 2023 – PropNex Realty, the largest real estate agency in Singapore is pleased to announce that 64 Wilkie Road will be relaunched for collective sale via tender on 6 April 2023 at a reduced guide price of $10 million, which translates to a land price of $1,348 psf per plot ratio (psf ppr) including the 7% balcony space and land betterment charge (LBC).
PropNex had first launched 64 Wilkie Road for collective sale jointly with an adjacent site at 62 WIlkie for $19.5 million in November 2022. The tender had closed without any bids.
Presently, 64 Wilkie Road houses 5 residential strata units. The residential building sits on a site spanning 3,306 sq ft and it is zoned for residential use with a gross plot ratio of 2.1, under the URA Master Plan 2019.
Wilkie Road is located in the sought-after District 9 and it is within walking distance to several MRT stations in the vicinity, such Dhoby Ghaut, Bencoolen, Little India, Rochor, Bras Basah and Bugis MRT stations – which provide connectivity via five different MRT lines (North-South, North-East, Circle, Downtown, and East-West Lines).
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “We expect keen interest from local developers for this collective sale site, owing to its affordable pricing, attractive location in District 9 in the city centre, its freehold land tenure, and proximity to a number of MRT stations, which offer excellent connectivity to the rest of Singapore, including Orchard Road, Marina Bay, and the central business district. Supply of freehold land in the city is limited and this tender presents a rare opportunity for developers and home owners to acquire a prime freehold residential site in the heart of Singapore’s vibrant Arts and Cultural District in the city.”
Schools that are in the area include Anglo-Chinese School (Junior), St. Margaret’s Primary School (u/c), Farrer Park Primary School, River Valley Primary School, St. Joseph’s Institution Junior, Singapore Management University, LaSalle College of The Arts (McNally Campus), School of the Arts, Nanyang Academy of Fine Arts, and Chatsworth International School (Orchard Campus).
There are also a range of amenities nearby which will offer greater convenience to residents. These include Plaza Singapura, Bugis Junction, Mustafa Centre, City Square Mall, GR.iD mall, Tekka Market, and various eateries in Prinsep Street, Selegie Road and Little India.
Ms Goh added, “Currently, the development at 64 Wilkie Road has yet to maximise the gross floor area earmarked for the site. The successful tenderer can add another apartment to its current 5 units of 533 sq m and in so doing, boost the gross floor area to 645 sq m – further enhancing the recurring rental income from this residential building. We expect this property to appeal to family offices and high net worth individuals who may purchase this residential building for multi-generation families to live together and/or for investors to hold this prime residential building for legacy planning and strong recurring income.”
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