Gilstead Road Enblock started when Kheng Leong Company, a private real estate firm owned by the family of late respected banker and UOB chairman emeritus Wee Cho Yaw, has procured two bungalows on Gilstead Road in district 11 for S$70 million.
The properties, located between Newton and Novena MRT stations, encompass a total freehold land area of 43,457 square feet and are zoned for residential use under the Urban Redevelopment Authority’s Master Plan 2019 with a 1.4 plot ratio. This ratio refers to the maximum gross floor area (GFA) permitted relative to the land area.\
This enbloc will be developed into a top class 14 units large format Freehold Development with 4 bedrooms configuration.
Gilstead Road Enbloc Cost
The acquisition was brokered by Edmund Tie & Company which chose not to comment on the details of the transaction or verify the unit land rate. However, an estimation by The Business Times suggests that the cost equates to approximately S$1,643 per square foot per plot ratio (psf ppr), inclusive of development charges.
According to an announcement made by Edmund Tie in September 2021 during its tender exercise launch for this site sale, it has potential for redevelopment into a condominium project hosting up to 56 units pending planning approval.
The location is in close proximity to designated landed housing sectors as well as within 1 km radius from Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), and St Joseph’s Institution Junior.
It is also close to 2 MRT stations such as Newton MRT and Novena MRT.
