30 Bideford Road up for sale for $600mil, set the benchmark for North Gaia pricing
The mixed-use 18-storey development is located on a 21,602 sq ft area and is located just 600m away from Somerset MRT station.
30 Bideford Road, a freehold luxury mixed-use development that runs along the Orchard shopping belt, is on the market with an estimate of $600 million, according to the joint marketers Colliers as well as Knight Frank.
Sing Holdings was awarded the tender by the Housing and Development Board (HDB) after submitting a top bid of North Gaia launch pricing $373.5 million, translating to a land rate of $576 psf ppr, beating the other 6 bids.
The 18-storey building that was granted it’s Temporary Occupation Permit (TOP) at the beginning of early 2020 , it comprises 168 homes that are serviced in addition to 54,512 sq feet of retail, office and medical space spread across five floors.
“This is a unique and appealing investment opportunity for those looking to invest in the latest freehold trophy property situated in District 9’s prime location,” said Knight Frank Singapore’s Director of Capital Markets Daniel Ding.
“The potential is for those who operate a hospitality business and want an iconic hospitality asset or investors who are looking to purchase the next generation of assets.”
The property is located at 28 and 30 Bideford Road, the property is situated on a 21,602 sq . ft area that is zoned for residential and commercial uses under the Master Plan with an average area ratio of 4.9.
It is easily accessible to a variety of modes of transport It is also close to it being close to the Somerset MRT station just 600 metres away. It is also close to other premium residential and office buildings as well as shopping malls, hotels and other hotels which include Ngee Ann City, The Paragon and Mandarin Gallery.
“Subject to the expiration of leases on the property it will then be offered for sale with empty possession, on an “as is and as it is” basis, giving buyers a range of options to increase the potential of the property,” said Wei Leng Tang the Managing Director of Colliers Singapore.
The tender for the joint offer for the 30 Bideford Road closes on 15 February 2022.