Kheam Hock Gardens, a private residential project off Dunearn Road, has been put up for collective sale via a public tender by its sole and exclusive marketing agent, CBRE.
Situated at 38 Kheam Hock Road, the 41,245 sq ft site has a reserve price of $59 million, which equates to a psf price of $1,430.
The regularly-shaped plot is zoned as “residential, two-storey mixed landed” under the Urban Redevelopment Authority (URA) Master Plan 2014. Hence, it could be redeveloped into a strata project with a maximum of 25 terraced units, or mixed with detached and semi-detached homes.
It has a gross plot ratio of 1.05, and it is exempt from development charges.
At present, the freehold property consists of 19 apartments, with more than 80 percent of the owners giving the green light for the en bloc sale.
“Kheam Hock Gardens presents an extremely rare opportunity and the key attraction of the site is the matured lush greenery that embraces the site all round,” said CBRE’s Director for Investment Properties Galven Tan.
It is a short-drive from city centre and Orchard Road. The Botanic Gardens MRT station is a stone’s throw away, while the upcoming Botanic Gardens Downtown Line MRT station will further enhance accessibility to the Central Business District in Marina Bay by 2016.
The tender closes on15 September 2014.