The owners of the 24-unit Gilstead Mansion near the Novena neighbourhood have put their development up for collective sale by public tender, with an expected price of at least $68 million.
The freehold site in Gilstead Road occupies a land area of 35,751 sq ft, and its estimated existing gross floor area of 43,463.8 sq ft translates to an effective gross plot ratio of about 1.22 times.
The expected minimum sale price of $68 million works out to about $1,564.50 per sq ft per plot ratio (psf ppr). No development charge is expected. Dunearn Gardens nearby was recently sold at $1,914 psf ppr, while Chancery Court went at $1,610 psf ppr.
The property may be developed into 22 cluster terraced houses or its existing approved apartment housing form, provided there is no intensification of the existing gross floor area and current four-storey height, marketing agent Teakhwa Real Estate said.
The tender closes on July 3.
Teakhwa, which is also marketing the collective sale of the 487-unit Dairy Farm Estate, said the Upper Bukit Timah development has received consent from owners of 330 units, 60 short of the 80 per cent approval hurdle that will allow a collective sale to go through. Teakhwa hopes to be able to launch the tender for that project in July or early August.