Gilstead Court, a collective sale site along Gilstead Road, has just been launched for sale by tender in prime freehold site, District 11 by sole marketing agent, JLL.

Built around 1978, Gilstead Court comprises three four-storey apartment buildings made up of 24 129sq.m. apartments and 24 136sq.m. apartments.

JLL reveals that over 80% of the owners have consented to the collective sale and are expecting offers in excess of $168 million.

Under the 2014 Master Plan, the 75,479 sq ft site is zoned ‘Residential’ with a gross plot ratio of 1:4. With the possibility of being redeveloped to accommodate a five-storey boutique development, the site is a 250-metre walk to the Novena MRT Station.

Located in the Newton/Novena locale, Gilstead Court is in an established private residential enclave that enjoys a strong following from both locals and expatriates alike, due to its close proximity to schools, the CBD and a range of easily accessed amenities. Health City Novena, a world-class medical city, is also in the neighbourhood.

“Gilstead Court, with its prestigious address, freehold tenure and proximity to three good schools within 1 km, stands out amidst the many collective sale sites that are presently being marketed,” says Mr Tan Hong Boon, Regional Director at JLL.

“We expect strong interest for this site due to the reasonable pricing and owners are certainly expecting developers to compete for it and bid well in excess of their reserve price. At the owners’ reserve price of $168 million, it reflects a land rate of approximately $1,590sq.ft. per plot ratio. Factoring in the 10% bonus balcony plot ratio, the effective land rate is only $1,445sq.ft. per plot ratio. As there is a high development baseline for the site, development charge is not payable for the proposed redevelopment even with the additional bonus 10% balcony GFA. This compares favourably with the recent land sales and the strong demand among developers who have bought sites in the vicinity. With no development charge payable, it is insulated from the half-yearly development charge rate revisions by the Chief Valuer, with the next hike expected on 1 September 2018,” he said.

Source: JLL Singapore

Subject to approval from the Urban Redevelopment Authority, a developer may potentially configure the allowable GFA of 116,237sq.ft. up to 140 apartments.

The Gilstead Court neighbourhood is home to a range of shopping districts and popular eateries including all within walking distance:

• United Square
• Goldhill Shopping Centre
• Novena Square
• Square 2
• Royal Square
• Newton Circus Food Centre

Gilstead Court is also a mere 15-minute drive to Raffles Place and Marina Bay. 

Prestigious schools within the area include:

• St Joseph’s Primary Institution (Junior)
• Anglo-Chinese School (Junior)
• Anglo-Chinese School (Barker)
• CHIJ Primary (Toa Payoh)
• Singapore Chinese Girl’s Primary School
• St Margaret’s Primary School

Mr Tan concluded, "For developers seeking a boutique site to build a prime residential project, District 11 Gilstead Court, closely located to a number of good schools, ample amenities, and excellent connectivity would be a good investment choice."

The tender for Gilstead Court closes on Tuesday, 10 July 2018 at 2.30 p.m.

To arrange a private inspection or to enquire about Gilstead Court phone or email Tan Hong Boon of JLL Singapore via the contact details listed below.

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