Sixth Avenue Centre, a freehold mixed-use development in Bukit Timah Road, is being put up for sale.
The collective sale has an indicative guide price of $90.5 million or a land rate of $2,022 per square foot per plot ratio, factoring in a development charge of approximately $526,000.
Completed in the 1980s, the development – which consists of seven shops and 18 apartments – occupies a land area of 1,394 sq m. It is zoned for commercial and residential use, with a gross plot ratio of 3. The site may be developed up to five storeys, with an allowable gross floor area of 4,183.2 sq m.
Subject to approvals by the relevant authorities, the site can potentially accommodate a development with retail component and 35 apartments (average size of 753 sq ft each) having a total gross floor area of 18,011 sq ft and 27,017 sq ft, respectively.
“Sixth Avenue Centre presents a rare freehold opportunity for developers to acquire a boutique site with complementary retail redevelopment options in this tightly held commercial cluster,” said Ms Suzie Mok, senior director of investment sales at Savills Singapore who is handling the sale.
“We expect keen contest from developers as this is the only mixed-use site available for sale in the locale.” The tender for Sixth Avenue Centre will close at 3pm on Jan 31.