The development sits on a 1,798 sq ft plot with a 999-year land tenure. The guide price of the property works out to $3,971 psf on the maximum gross floor area of about 7,554 sq ft. at 3 Miller Street is up for sale with an indicative guide price of $30 million. The guide price of the property works out to $3,971 psf on the maximum gross floor area of about 7,554 sq ft. The sale of the property is currently marketed by CBRE.
The development has a total floor area of about 5,000 sq ft. The site is zoned commercial with a plot ratio of 4.2 under the latest master plan. This means that locals and foreigners are eligible to purchase the property, with no additional buyer's stamp duty or seller’s stamp duty imposed on the transaction.
According to Joshua Giam, associate director of capital markets at CBRE, the property is expected to attract strong buying interest from investors and owner-occupiers. “Considering the ongoing rejuvenation in the vicinity, the buyer can expect to enjoy rental and capital value upsides in the near future, when the area is transformed into the next hotspot to live, work, and play,” says Giam.