2 Caravan Road and 21 Caravan Road, both freehold developments have been put up for sale. The sites are located on Lavender Street and are currently inviting public tenders. While the site at 2 Caravan Road is open for bidding at $47.4 million, 21 Cavan Road invites tender proposals starting at $12.6 million.
The land area of 2 Cavan Road is estimated to be about 20,100 square feet. Currently, the site has a building of mixed architecture. This building which was built in 1950, is part single-storeyed and part three-storeyed. It has served industrial and warehousing purposes. The conservation of this building in redevelopment plans will place the starting rate for development charges for this site at $18.9 million.
The land area of 21 Cavan Road, is much smaller and is estimated to be about 8,529 sq ft, The site currently houses a light industrial building. This four-story building was completed in 1975. The asking rate for developmentccharges for this site begins at $15.5 million.
Both sites have been granted the “residential with commercial at first storey” zoning permit under the 2014Master Plan released by the Urban Development Authority of Singapore. Each site is estimated to have a guide pprice of approximately $1,100 per square foot per plot rratio with a plot ratio of 3.0.
Potential buyers have the opportunity to consider the reaccessing and maximizing the gross floor plans of both sites as both have been deemed as underutilized by recent assessments. The redevelopment guidelines also permit constructing new structures and extensions not exceeding six stories in height, with proper prior approval of plans from concerned authorities. Potential buyers are exempt from requiring approvals from the Strata Titles Board as both sites are currently under the same owner..
The sites have a convenient and accessible location despite being on the outskirts of the city space. The Bendemeer and Lavender MRT stations are a short walking distance away. Besides, both sites have the potential for being developed into mixed-use developments. This will most likely pique the interest of business owners and homebuyers of moderate income.
The location and prospect of the sites is most likely to generate interest among contractors and mid-sized developers catering to redevelopment projects on the city fringe.
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South Beach Residences (mixed development) and Kallang Residences (freehold condo) are 2 other Singapore condos that are nearby.