Located in the prime District 9 of Singapore, over 80% of the owners at St Thomas Ville have given consent to an en bloc sale – with an expected selling price of more than $58 million or a land rate of $1,816 psf ppr.
Under the Urban Redevelopment Authority (URA) Master Plan 2014, the 11,407 square feet freehold site situated at 38 St Thomas Walk has been zoned for residential use and has a 2.8 gross plot ratio; allowing future redevelopment to as high as 36 storeys.
St Thomas Ville is also located within close vicinity to various amenities including Great World City shopping mall, top schools such as Chatsworth International School & River Valley Primary School and also the future Great World MRT Station (part of the Thomson-East Coast MRT line).
Marketing agent JLL noted that the St Thomas Ville en bloc site is not subjected to any pre-application feasibility studies; requiring potential buyers to seek professional assistance from traffic consultants to assess the impact on transport issues around the area and have a development proposal promoting a car-lite culture within the future new launch project.
Earlier on in May 2018, URA has mandated that for private residential projects outside the Central area of Singapore has to keep a minimum unit size of 70 square metres in order to prevent a situation where there are too many ‘shoebox’ or tiny apartment units in Singapore’s housing market. However, this is non-applicable for the future redevelopment of St Thomas Ville.
The agent has also added that the St Thomas Ville en bloc site would be appealing to small to mid-sized property developers looking for bite-size plots for redevelopment, especially in the prime residential areas.
St Thomas Ville is also located very close to the brand new 8 St Thomas condo by Bukit Sembawang Estates, which is due to launch for sale this year and also the latest ongoing new launch project in District 9 – Martin Modern by GuocoLand. Their selling price may likely be used as benchmarks for property developers when planning out a bid for St Thomas Ville.
The tender for St Thomas Ville will close on 10 September 2018.