Serviced apartment development Metropolitan YMCA Residences selling for $57 mil
The serviced apartment development at 58 Stevens Road, known as Metropolitan YMCA Residences, is on the market for $57 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 sq ft residential site and the guide price translates to $1,942 psf per plot ratio. The price includes an estimated development charge and an additional 7% bonus balcony gross floor area (GFA).
Metropolitan YMCA Residences has a total of 27 rooms and a basement carpark with 24 lots. It currently has a total approved GFA of about 27,216 sq ft. Based on this, the guide price translates to $2,094 psf on the unit floor area.
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.
“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. He adds that developers have recorded healthy sales at new projects and a declining inventory of unsold residential units.
“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,” says Tan.
The development is under a single title and will not be subject to a Strata Titles Board application for a sale order. This will save the new owner time to complete any redevelopment or asset enhancement works, says JLL.
The property could be redeveloped into a new boutique low-rise residential project for sale, or could retain its serviced apartment use with asset enhancement works for long-term investment and future capital appreciation, adds JLL.
The tender exercise for the property will close on Aug 11.