JLL has announced the sale by tender of a freehold collective site at 38 St Thomas Walk in Singapore.

Situated in prime district 9, St Thomas Ville is a twelve-storey development comprising of 23 apartments with proximity to Great World City and the famed Orchard Road shopping district, which includes more 800,000 square metres of retail, entertainment and dining options.

The building was launched for tender in August last year at the minimum price of S$58 million, only for the tender to be called off due to delays in the verification of technical details.

At a glance:

• Collective sale of 12-storey development at St Thomas Walk launched by JLL.
• Owners are expecting bids in excess of $58 million, reflecting about $1816 per square feet.
• Tender closes on March 27 at 3pm.

According to JLL, the Collective Sale Committee has now decided on the launch on the back of more than 80% of owners consenting to the collective sale agreement. 

JLL Executive Director of Capital Markets Hong Tan Boon said owners were expecting bids in excess of $58 million, which reflected about $1,816 per square feet per plot ratio before factoring in the bonus balcony.

“Units at nearby 8 St Thomas and the newly launched RV Altitude have averaged prices of about $3,220 and $2,890 per square foot respectively, signifying the continued interest and demand in private residential units located in prime district 9," he said.

“With the recent market cooling measures introduced since July last year, large residential sites have been weighted down by the higher risks to the developers, due to the 25% Additional Buyer’s Stamp Duty if they fail to fulfill the remission conditions.

"St Thomas Ville’s excellent locational attributes would appeal to small and mid-sized developers looking for smaller development plots in prime areas with much lower risk with its palatable price quantum.”

The tender for St Thomas Ville closes on Wednesday, March 27 at 3.00 p.m. 

First published on the ASEAN Developer.

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