Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Prime freehold mixed-use boutique site at Bukit Timah Road re-launched for Collective Sale at a reserve price of $85 million

Amanda Phua • 18/04/2022

An opportunity for developers and investors to create an exclusive suburban project with hip retail, lifestyle and residential concepts in District 10

Sixth Avenue Centre

Cushman & Wakefield, a leading global real estate services firm has today announced that Sixth Avenue Centre, a ‘Commercial and Residential’ site located at 805 Bukit Timah Road will be re-launched for collective sale via a second tender on 19 April 2022. 

Cushman & Wakefield had originally launched the first tender for Sixth Avenue Centre at the end of 2021 and closed it on 6 January 2022. Unfortunately, the market then was reeling from a round of cooling measures which came into effect on 16 December 2021. Among the several measures was the increased levy of Additional Buyers’ Stamp Duty from 25% to 35% on entities purchasing residential properties. As such, most developers were hesitant to commit to properties with any residential element and preferred to ‘wait and see’ how the market would react during that period. 

An estate in perpetuity interest, Sixth Avenue Centre sits on a trapezoidal land plot with a site area of 1,394.4 sq m (approximately 15,009 sq ft). Zoned “Commercial & Residential” with a Gross Plot Ratio of 3.0 under the Urban Redevelopment Authority (URA) Master Plan 2019, it has a maximum allowable Gross Floor Area (GFA) of 4,183.20 sq m (approximately 45,028 sq ft) - up to 40% of the total GFA is allowed for commercial use and the remaining 60% is for residential use. 

The reserve price of $85 million for Sixth Avenue Centre remains unchanged at $85 million and this translates to a land rate of $1,861 psf per plot ratio (psf ppr) inclusive of a nominal development charge payable to build up to plot ratio 3.0 and for the bonus balcony space.

In 2018, the URA had given approval for the residential portion to be retained as serviced residences in an Outline Application. Additionally, it also requires the future developer to amalgamate a small portion of remnant land at the splayed corner junction at Sixth Avenue. This extra state land, spanning an estimated 85 sqm, is expected to reduce the average land cost even lower to $1,788 psf ppr on the overall site.

Located at the bustling junction of Sixth Avenue and Bukit Timah Road, Sixth Avenue Centre is a mixed-use building comprising a total of 7 retail shops and 18 residential units. It has a prominent frontage to Bukit Timah Road. Developers can capitalize on building a new retail and residential concept befitting of its upcoming new neighbours at Royal Green and Fourth Avenue Residences. The proximity of the Sixth Avenue MRT Station (Downtown Line) - which is just a 3-minute walk away - is also a huge boon to the development and connects the locale from Newton to Cashew. 

Christina Sim, Director of Capital Markets at Cushman & Wakefield, said, “In addition to its prime location within the affluent suburbia precincts of District 10, and coupled with a young population and high purchasing power, Sixth Avenue Centre presents a compelling opportunity for developers and investors to build and own an exclusive suburban boutique project. With guaranteed robust demand for hip retail, lifestyle and residential concepts, Sixth Avenue Centre will certainly be a prominent landmark and a limited edition offering.” 

The collective sale tender will close at 3 pm on Thursday, 26 May 2022.

Recent Press Releases

Hotel Construction
Data centre construction cost increases of up to 8% across region year-over-year but development shows no sign of pausing

Japan has been named the most expensive market for data centre construction while Singapore has topped the rankings for the most expensive land costs in Asia Pacific, according to a new report.

Amy Kathleen Kelly • 06/11/2023

fit out guide
Asia Pacific’s post-pandemic office: more expensive to build, but as important as ever

Persistent inflation, tight labour markets, and ongoing supply chain delays have increased average fit out costs across Asia Pacific, according to Cushman & Wakefield’s 2023 Asia Pacific Office Fit Out Cost Guide, but major occupiers are absorbing the higher spend in their quest to improve return-to-office rates.

Amanda Phua • 30/03/2023

handshake (image)
Shankar Narayanasamy appointment
Cushman & Wakefield Appoints Shankar Narayanasamy as Client Solutions Lead for Global Occupier Services, Asia Pacific

Cushman & Wakefield, a global leader in commercial real estate services, today announced the appointment of Shankar Narayanasamy as Client Solutions Lead for its Global Occupier Services (GOS) business in Asia Pacific, effective 9 May 2022. 

Amanda Phua • 18/05/2022

10 Toh Guan Road East Singapore
10 Toh Guan Road East for Sale by Expression of Interest

10 Toh Guan Road East (the “Property”) has been put up for sale via an Expression of Interest (EOI). Cushman & Wakefield is the appointed exclusive marketing consultant for the sale.

Brenda Ong • 04/04/2022

CNW02_cardimage
C&W Services reimagines the future of work with the transformation of its headquarters at Chai Chee

Officiated by the Guest-of-Honour, Speaker of Parliament Tan Chuan-Jin, the new workplace embodies the firm’s commitment to Diversity, Equity & Inclusion (DE&I) and the adoption of smart technology that promotes both sustainability and well-being.

Chek Yee Foo • 23/03/2022

Asia Pacific Transaction Volumes Expected to Record Double-Digit Volume Growth in 2022 and 2023
Asia Pacific Transaction Volumes Expected to Record Double-Digit Volume Growth in 2022 and 2023

Global real estate market recovery is expected to hit the fast lane, with Q4 2021 volumes driving annual increase of 55%. 

Jayna Poh • 01/03/2022

Singapore Office Market Poised for Another Robust Year in 2022
Singapore Office Market Poised for Another Robust Year in 2022

Following a strong recovery in office demand, reduced vacancies and growth in CBD Grade A office rents in 2021, the Singapore office market is expected to further pick up pace in 2022.

Amanda Phua • 07/02/2022

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS