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Singapore freehold site on collective sale for S$81M

Owners of the four-story Tai Wah Building in Singapore's District 9 have launched the public bidding process for the collective sale of the property with an S$81 million asking price, The (Singapore) Business Times reported.

According to the publication, the price tag for the property reflects per-square-foot valuation of S$2,035.

The four-story Killiney Road property, which comprises two shops and six apartments, is situated on a freehold site with a land area of roughly 13,148 square feet. The site is earmarked for residential purposes with a first-story commercial component, the paper noted Oct. 9. A project with a gross floor area of 39,809 square feet that can exceed its 2.8 allowable plot ratio can be redeveloped on the land, subject to approval from the authorities.

Edmund Tie & Co. (SEA) was tapped to market the property. Bidding for the site will close Nov. 15, the paper added.

As of Oct. 9, US$1 was equivalent to S$1.36.