SINGAPORE: A residential site sitting on a land area of about half a football field opposite Parkway Parade is up for sale by tender.
The 47,400 square foot site on 37 East Coast Road holds a 113-year-old former beachside villa which has been identified for conservation by the Urban Redevelopment Authority. Thus, developers are required by law to keep part of the villa intact.
The villa has an estimated gross floor area of 3,100 square feet and the premises include a three-storey block of six apartments and a servant quarters. It was built by the late Choa Kim Keat, after whom Kim Keat Road in Balestier, is named.
Mr Choa was a key figure in the early days of Straits Trading Company, one of the oldest public-listed firms in Singapore. He was also the husband of the late Mr Tan Tock Seng’s granddaughter.
Property consultant Credo Real Estate said the new site may be redeveloped into 100 units of residential high rise condos of 1,000 square feet each with the conservation villa integrated into the development.
Mr Karamjit Singh, Managing Director for Credo Real Estate said the new owners would have a piece of Singapore’s history to their estate as the conservation bungalow lends an interesting and unique charm.
According to URA guidelines, the site has a gross plot ratio ratio of 2:1 and the developer of the site will be able to build up to 24 storeys and a total gross floor area of over 100,000 square foot.
The subject site is located in the prime District 15 area close to Marine Parade Central, and is popular with both local and foreign upper middle class families.
Mr Karamjit Singh, Managing Director for Credo Real Estate expects that offers for the site will be between S$100 million to S$110 million, based on an equivalent land rate of S$1,125 to S$1,216 price per square foot.
The tender for the site will close at 2.30pm on June 6.