Sole marketing agent Jones Lang LaSalle has put up for sale by tender a prime freehold residential redevelopment site near the Newton MRT Station.

Known as Gilstead View, the 35,510 sq ft site has a gross plot ratio of up to 2.8 and an allowable building height of up to 30 storeys. Zoned for residential use, it has the potential to be redeveloped into a luxurious high-rise condominium with a gross floor area of up to 99,428 sq ft, subject to the approval and payment of development charge. This could yield some 75 apartment units with an average size of 1,300 sq ft.

Gilstead View, located at 2 Gilstead Road, consists of a block of 64 apartments, with each unit having a floor area ranging approximately from 829 to 850 sq ft. 

The indicative asking price for Gilstead View is approximately $94 to $99 millon or $950 to $1,000 per sq ft  per plot ratio.

Gilstead View is one of the renowned residences in District 11. It is conveniently located outside the Orchard Road shopping belt and is in close proximity to Novena Square, Goldhill Centre, and Goldhill Plaza, which provide convenience to a host of shopping, banking, and leisure facilities. Other amenities in the vicinity include the Newton Food Centre, Revenue House, Novena Church, Kandang Kerbau Women’s and Children’s Hospital, and Farrer Park Swimming Complex.

Reputable educational institutions such as Anglo-Chinese (Junior), Anglo-Chinese (Primary), Farrer Park Primary School, and St Margaret’s Primary are also within Gilstead View’s vicinity.

Lui Seng Fatt, Regional Director and Head of Investments at Jones Lang LaSalle, said that “With the very positive market sentiments in districts 9, 10, and 11 and a strong demand for prime residential apartments, we are confident that there will be an equally strong interest in this site, as shown in recent transactions. It is expected to gain the interest of developers looking for sites in the Newton area.”

Gilstead View is easily accessible with its proximity to Newton MRT Station. This locality is also well served by Dunearn and Gilstead roads. Access to other parts of the island is enhanced by its nearness to the Central Expressway, Bukit Timah and Scotts roads.

The tender will close at 3 pm on 17 May 2007.