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About the Collective Sales
6 Duke’s Road – S$53.9 million has been paid for three freehold redevelopment sites near the Botanic Gardens. Hillcrest Investments, an Indonesian billionaire’s affiliate, bought them all together. The three sites are near the Botanic Gardens (RGE).
There are 8 walk-up apartments and four ground-floor shops in the property, which is located at 551 to 553 Bukit Timah Road and 6 to 8 Duke’s Road. It also comes with a driveway. 6 Duke’s Road enbloc cover 16,479 square feet of land (sq ft).
It comes out to about S$1,504 per square foot per plot ratio, which includes a development charge at a gross plot ratio of 3.0, if 60% of the gross floor area is used for residential purposes and 40% is used for commercial purposes.
A press release from the marketing agent, JLL, said that the en bloc tender closed last week with “good interest,” given the lower reserve price for this second round. This is how it worked: 3 formal submissions came in at the end of the tender.
In January 2021, the house was put on the market with a guide price of S$62.5 million. For S$53.8 million, it was re-launched in October 2021.
Hillcrest, the buyer, invests in properties that could be turned into new homes. RGE Pte Ltd is based in Singapore and makes natural fibers, edible oils, green packaging, and natural gas.
About the Buyer Track Record
Tey Wei Lin, the president of RGE Pte Ltd, said the District 10 property has “strong redevelopment potential” because it is near Coronation Plaza, the Botanic Gardens, and schools.
In 2018, RGE also bought Chinatown Plaza from a group of people for S$260 million. The freehold site on Craig Road is now going to be turned into a luxury hotel called Mondrian Singapore, which will blend old and new architecture from Singapore’s centuries-old shophouses with modern design, Tey said. When he said that, he said that Mondrian Singapore will open in early 2023.
Both of these sites are multifunctional, aligning with the Urban Redevelopment Authority’s (URA) Master Plan of 2019. This forward-thinking approach in urban development recognizes the need for integrated spaces that cater to both residential and commercial needs. This duality of purpose can greatly enrich the living experience and promote a vibrant, self-contained community.
One notable aspect is the maximum height allowance of five storeys. This height restriction not only ensures a harmonious blend with the surrounding landscape but also encourages sustainable urban development. Lower-rise structures can be more energy-efficient, allow for better air circulation, and contribute to a more aesthetically pleasing skyline.
In terms of design and functionality, these sites have the potential to offer a diverse range of housing options, from apartments to townhouses, catering to various preferences and lifestyles. Simultaneously, the inclusion of commercial spaces opens up exciting opportunities for businesses to thrive and serve the local community.
Overall, the incorporation of residential and commercial elements within these sites under the URA’s Master Plan reflects a holistic approach to urban planning. It promotes mixed-use development, which can foster vibrant, self-sustaining communities while adhering to principles of environmental sustainability and aesthetics.
Potential of the Site
As King’s Arcade, Crown Center, Serene Center, and Cluny Court are close by at 6 Duke’s Road enbloc, amenities like supermarkets and restaurants are easy to get to.
Schools like Nanyang Primary School and Raffles Girls’ Primary School are less than a mile away.
All homeowners at 6 Duke’s Road enblockhave unanimously consented to the agreement, obviating the necessity for a sale order from the Strata Titles Board. This consensus reflects a harmonious decision-making process among property owners, streamlining the transfer of ownership or any related transactions.
6 Duke's Road
6 Duke's Road - S$53.9 million has been paid for three freehold redevelopment sites near the Botanic Gardens. Hillcrest Investments, an Indonesian billionaire's affiliate, bought them all together. The three sites are near the Botanic Gardens (RGE).
Product SKU: 6 Duke's Road
Product Currency: SGD
Product Price: 53900000
Product In-Stock: InStock
