International property consultant, Colliers International is putting up St Patrick’s Garden for collective sale by tender. St. Patrick’s Garden is a part-three/part-four walk-up residential development, comprising a total of 98 units, located at 70-120 St Patrick’s Road.
The tender will close on July 28, 2011.
St Patrick’s Garden sits on a 137,559 sq ft freehold site, which is regular in shape with dual road frontages. Zoned for “Residential” use with an allowable gross plot ratio of 1.4, the site can be re-developed into a five-storey residential development accommodating approximately 176 units of 1,200 sq ft each.
Ms Tang Wei Leng (邓慧玲), Executive Director for Investment Services at Colliers International, says, “Indicative price for the subject site is estimated in the region of S$188 million, or S$888 per sq ft per plot ratio, including the additional 10 per cent allowed for balcony space. Development charges may not be payable due to the site’s high historical base; nonetheless, a development baseline enquiry has been submitted to the Urban Redevelopment Authority.
The current owners are expected to receive between S$1.55 million to S$2.1 million, depending on the size of their unit.”
Ms Tang continues, “Developers are always on the lookout for available freehold sites, which are realistically priced, to develop quality residential developments. Given that St Patrick’s Garden is the last remaining sizeable plot of land along St Patrick’s Road, we expect that it would appeal to potential investors with its strategic location, as well as the improved amenities including the proximity to the proposed Eastern Region Line.
In fact, the neighbouring developments – The Grand Duchess and Tierra Vue – were very well received when they were launched. Current transacted unit price has achieved close to some S$1,400 per sq ft, while current asking prices have since increased to S$1,450 per sq ft.”
Ms Tang adds, “Based on the indicative price of S$188 million, the breakeven price for St Patrick’s Garden will be about S$1,440 per sq ft; and assuming a 10-per-cent profit margin, we anticipate the developer to launch the units at approximately S$1,550 per sq ft – which is a fair reflection of buyers’ willingness to pay for newer developments in an improved location.”
Located off East Coast Road, the subject property is in a quiet vicinity which comprises several new residential developments including The Grand Duchess, Tierra Vue, St Patrick Loft and St Patrick Residences, among others. Amenities are easily available at the nearby Marine Parade Central and Parkway Parade. Access to other parts of the island is via major trunk roads including Marine Parade Road and East Coast Road.