Two freehold sites are up for sale along Cavan Road (District 8). While they were once industrial, they’ve now been rezoned for residential use:
The two freehold redevelopment sites are at 2 and 21 Cavan Road (District 8). 2 Cavan Road has 20,100 square feet of land, selling at $47.4 million – this site once housed Kwong Soon & Co Engineering Works (a much celebrated homegrown ship repair firm). Development Charges (DCs) are expected to be around $18.9 million, as this is considered a heritage building (it is subject to certain conservation rules).
Note that new extensions of up to a six-storey height – within the conservation guidelines – are permitted. There’s no Strata Titles Board (STB) approval required, as both these sites belong to a single owner.
21 Cavan Road features an industrial building from 1975, with a smaller land area of 8,529 square feet. The plot sells for $12.6 million. DCs are expected to be near $15.5 million.
Each site is estimated to be priced at $1,100 per square foot per plot ratio. Under URA’s 2014 Master Plan, both sites are zoned “residential with commercial at first storey,” with a 3.0 plot ratio.
Both sites have an underutilised gross floor area – buyers can maximise 2 Cavan Road to about 60,301 square feet, and 21 Cavan Road to about 25,588 square feet.
Why these sites are especially interesting:
It’s interesting that an industrial building with so much heritage is becoming residential; we can’t wait to see the marketing spin that any developer or landlord will put on that. We’re betting there’s some hipster appeal here, if Chye Seng Huat Hardware (that’s a cafe by the way) is anything to go by.
The other source of appeal will be the freehold status of these sites, in District 8 (a notably downturn-resistant neighbourhood).
Do you think there’s a hipster appeal to these sites? Voice your thoughts in our comments section or on our Facebook community page.
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