Sixth Avenue Centre's selling price dropped by $4.5m to $86m

It has a site area of 15,009 sqft that could potentially yield shops and 35 apartments.

In January, freehold site Sixth Avenue Centre went en bloc amidst the heated collective sale frenzy. It was originally priced at $90.5m. Half a year later and three weeks until its tender closes, the property's price went down by $4.5m to $86m, Savills revealed.

The mixed-used 15,009 sqft site located at the junction of the main Bukit Timah Road and Sixth Avenue was originally up for sale at $90.5m in January.

Consisting of seven shops and 18 apartments, the site is zoned for commercial and residential use with a gross plot ratio of 3 under the 2014 Master Plan. With a land rate of $1,922 psf ppr, it may be developed into a 5-storey structure with an allowable gross floor area of 45,028 sqft.

Also read: Sixth Avenue bungalow plot up for sale at $16m

Subject to approval, the property could potentially accommodate shops and 35 apartments. It also has a development charge of approximately $557,000.

The mixed-used site is located in a residential neighbourhood that includes Royalville and Fifth Avenue Condominium, and Class Bungalows amongst others. It is also footsteps away from Sixth Avenue MRT station and some institutions including Nanyang Primary School, Raffles Girls’ Primary School and Henry Park Primary School.

The tender for the property will close at 3 pm on 25 July.