Singapore: The Metropolitan YMCA Residences on Stevens Road are for sale for SGD$57 million (£30 million).
JLL is the sole marketing agent for the sale of the property, which would be on a fresh leasehold tenure of 103 years.
The serviced apartments sit on a 21,480 square foot residential site and the guide price translates to $1,942 per square foot per plot ratio. The price includes an estimated development charge and an additional seven per cent bonus balcony gross floor area (GFA).
Metropolitan YMCA Residences has 27 units and a basement car park with 24 lots.
The development is in a cul-de-sac off the main road in an established low-density residential neighbourhood. The area is served by Stevens MRT Interchange Station and is accessible by major roads such as Bukit Timah Road and Dunearn Road. Singapore Chinese Girls’ School and Anglo-Chinese School (Primary) are within 1km of the property.
Metropolitan YMCA Residences could be retained as serviced apartments, or redeveloped into a new boutique low-rise project.
“Based on recent primary sales of new residential projects and Government Land Sales results, sentiments among the developers are certainly positive,” says Tan Hong Boon, executive director, capital markets at JLL. “We expect keen competition from developers on the lookout to replenish their land bank for their upcoming pipeline. No. 58 Stevens Road will be a very appealing proposition to small and medium sized developers due to the manageable quantum and the prime location.”
The tender exercise for the property will close on Aug 11.
