S$26 million price tag for freehold site in Novena
A freehold residential site located at 2 Derbyshire Road has received an expression of interest for its sale at an estimated price of around $26 million (SGD).
Situated just near Thomson Road, a 4-storey building currently sits on the site, which has a land area of 6,768 sqft. The gross floor area has been calculated to be approximately 8,742 sqft.
Owned by a Singaporean family, the property is currently leased to a the NAFA Arts Kindergarten.
According to property consultants, the current income from the tenancy and the approval given for using the property to operate a child care centre/kindergarten is certainly an attractive option to potential investors.
On top of that, there may be a possibility for investors to change the use of the site for residential development, as the land parcel is nestled within residential developments – such as the latest new launch project, 6 Derbyshire.
Back in year 2008, interim permission was actually given by the Urban Redevelopment Authority of Singapore to construct an 8-storey apartment with basement parking and a communal pool – with a plot ratio approved at around 2.4.
Market watchers expect the site to receive strong interest from profiles such as boutique property developers, child care service operators and investment funds.