Devonshire Apartment an eight-storey Sale For $66mil
Devonshire Apartment, an eight-storey serviced house tower at 17 Devonshire Roadway in Area 9, has been released an offer for sale via expression of interest (EOI) with a guide cost of $66 million, revealed unique advertising and marketing agent CBRE.
This works out to $2,356 per sq ft per plot proportion (psf ppr) based on the maximum allowed gross flooring area of 31,688 sq ft, leaving out the 7% benefit gross flooring location for terraces.
Currently fully leased to a solitary operator, the 12-unit serviced apartment has an overall gross flooring location of about 23,233 sq ft near Ola Ec. It inhabits an 11,317 sq ft property website that is zoned for “Residential” use under the 2019 Master Plan with a story ratio of 2.8 and an elevation limitation of up to 36 floors.
CBRE noted that the growth charge payable to increase the story proportion is approximated to be $8.65 million, based on the verification of authorities on the advancement baseline along with the evaluation of DC prices every March and September.
Situated near Somerset MRT terminal, the serviced apartment or condo is additionally close to Orchard Roadway as well as Robertson Quay, with nearby spots including Orchard Entrance, 313 Somerset, Resort Jen, and Ft Canning Park.
CBRE’s Head of Capital Markets for Singapore Michael Tay stated the successful customer can continue taking pleasure in a stable revenue stream given that the property is totally rented to a solitary serviced house driver.
The customer can additionally choose to redevelop the website “to take advantage of on the under-utilized gross plot ratio”.
“We rarely find well-located serviced homes within distance to the prime Orchard Road purchasing belt made available for sale, yet still at a palatable financial investment quantum of under $100 million offered available. As a result, we anticipate this site to gather solid interest from both regional and also foreign financiers and also hospitality end-users, as well as programmers that are beginning to look out to restore their land financial institutions or targeting the glamorous household market,” stated Tay.