The Wilshire, a 30-year-old condominium along Farrer Road has been launched for collective sale at a reserve price of $95 million, revealed marketing agent Savills Singapore.
Comprising 20 units, the freehold property is situated on an elevated site measuring 39,130 sq ft with a plot ratio of 1.6 under the 2014 Master Plan.
Zoned for residential use, it could be redeveloped into a 12-storey project with an allowable gross floor area (GFA) of 64,310 sq ft.
According to Savills, the reserve price corresponds to a land rate of $1,477 psf ppr at an equivalent plot ratio of 1.643. No development charge is payable for the site.
But the consultancy added that the land rate would be reduced to $1,392 psf ppr after allowing a development charge of $3.5 million for the bonus balcony space.
Located in District 10 within a residential enclave that’s popular with expatriates, The Wilshire is close to Farrer Road MRT station, reputable schools and the Orchard Road shopping belt.
“As an added attraction, it is also well positioned to benefit from the makeover of Holland Village which is expected to inject greater vibrancy leading to capital value uplifts in the near future,” said Suzie Mok, Senior Director of Investment Sales at Savills.
The tender exercise for The Wilshire closes on 6 February 2015.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email email@example.com