SINGAPORE, 12 September 2018 – Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services, is pleased to announce that Gisborne Light in Ewe Boon Road will be put up for collective sale via public tender for SGD37 million on 13 September 2018.
The asking price for the freehold development at SGD37 million translates to a land rate of SGD1,671 per square foot per plot ratio (psf ppr). The land rate of Gisborne Light is attractive and fairly adjusts for the current market sentiment following the introduction of new cooling measures on July 06, 2018. Transactions in the area included: Crystal Tower at SGD1,840 psf ppr; City Towers at SGD1,847 psf ppr; Balmoral Mansions at SGD1,734 psf ppr and Balmoral Gardens at SGD1,812 psf ppr.
Built in 2003, Gisborne Light sits on a 1,285.9 square metre (approximately 13,841 sq ft) site and comprises 17 apartment units with sizes ranging from 936 sq ft to 2,885 sq ft. Each owner stands to receive between SGD1.7 million and SGD4.3 million from the successful sale of the development. Owners of 16 out of the 17 units have signed the collective sale agreement, representing approximately 95% consent level.
Ms. Tang Wei Leng (邓慧玲), Managing Director at Colliers International, said, “Based on our observation, developers are still enquiring about collective sale sites although they have become more selective and cautious after the fresh cooling measures kicked in. We believe Gisborne Light’s prime location in District 10 as well as its boutique scale and relatively palatable quantum should still make it attractive to developers and investors. The site can be developed into a luxury residential project that appeals to professionals and young families.”
Future residents at the new development will be well-served by a range of amenities in the vicinity. These include prestigious schools: Singapore Chinese Girls' Primary School, Anglo-Chinese School (Barker Rd) and St. Joseph’s Institution. Singapore’s premier shopping district in Orchard Road, the Novena Medical Centre, as well as UNESCO World Heritage Site Singapore Botanic Gardens are also a short drive away.
The redevelopment site – in the upscale Bukit Timah area - is conveniently located within walking distance to the Stevens MRT station, providing excellent connectivity to the rest of Singapore via the North-South Line and the Downtown Line. Come 2021, Stevens MRT station will also be connected to the Thomson-East Coast Line, offering easy access to numerous attractions and recreational spots, such as Gardens by the Bay, Marine Parade, Shenton Way and Tanjong Katong.
Under the Master Plan 2014, the Gisborne Light site is zoned ‘Residential’ with a Gross Plot Ratio of 1.6. Subject to relevant approvals from the authorities, it can potentially be redeveloped into a luxury boutique residential project comprising 27 units with an average unit size of 780 sq ft.
Mr. Dennis Ling (林谢成), Chairman of the Gisborne Light Collective Sale Committee, said, “This is our maiden attempt at collective sale. Despite the new cooling measures and uncertainty in the residential property market, we are still hoping to garner a good outcome for the owners. We will be looking to Colliers International, which has a wealth of experience and excellent track record of marketing prime sites, to make this tender a success.”
The collective sale tender for Gisborne Light will close at 3pm on 11 October 2018.