PROJECT DETAILS
Four parcel sites which are located at the Central Region of Singapore, were sold for New and Upcoming Condo developments in last quarters of 2017 and 2018, through collective sales.
The four former land sites namely,
- Dunearn Gardens,
- Chancery Court,
- Mayfair Gardens and
- Dunearn Court.
El Development submitted the top bid of S$468 million for Dunearn Gardens, this translates to a land rate of S$1914 psf ppr after top up of S$43.6 million to intensify the piece of land
A undisclosed developer submitted the top bid of S$401.77 million for Chancery Court, with a addition of S$182.4 million to top up the lease to 99 years and intensification for the land, this translates into S$1610psf ppr
Oxley Holdings submitted the top bid of S$265 million for Mayfair Gardens. With a top up of S$52 million to a 99 years leasehold, the land rate translates into S$1243 psf ppr.
Roxy Pacific submitted the top bid of S$36.3 million for Dunearn Court. An addition of S$550,000 was top up for the intensification of the land and this translates into S$1370 psf ppr.
New Condo at Dunearn Road is approximately 150 m away from the Newton Interchange Station which operates the MRT North South Line and also the MRT Downtown Line. Future residents need to travel 1 station towards to Marina South Pier MRT Station direction on the MRT North South Line to arrive at the Orchard MRT Interchange Station. The MRT Thomson East Coast Line available at Orchard MRT Interchange Station is slated to start its operations in 2021. From the MRT Downtown Line available at the Newton MRT Interchange Station, future residents just need to travel 1 station toward the Expo MRT Station direction to arrive at the Little India MRT Interchange Station which also operates the MRT North East Line. Some of the major arterial roads and expressway that are nearby include Thomson Road, Bukit Timah Road, Dunearn Road and the Central Expressway (CTE). For drivers, it will take them approximately 5 minutes’ drive to arrive at the Orchard Shopping District and approximately 15 minutes of driving to arrive at the Central Business District (CBD).
A short walk from the development will be the Novena Shopping Cluster where a number of shopping malls are located such as Goldhill Plaza, United Square Shopping Mall, Velocity @ Novena Square and Square 2. There are supermarkets, food courts and numerous retail and F&B options available at these shopping malls. New Condo at Dunearn Road is also short distances to food centres such as Newton Food Centre, Pek Kio Market and Food Centre, Tekka Market and Food Centre, Whampoa Makan Place and Market.
Local schools that are within New Condo at Dunearn Road vicinity include Saint Joseph’s Institution Junior, Anglo Chinese Primary School, Anglo Chinese Junior School, Farrer Park Primary School, Balestier Hill Primary School, Saint Margaret’s Primary School, Singapore Chinese Girls’ Primary School, CHIJ Primary School (Toa Payoh), Anglo Chinese Secondary School (Barker Road), Raffles Girls’ Secondary School, Singapore Chinese Girls’ Secondary School, Saint Joseph’s Institution, CHIJ Secondary School (Toa Payoh) and Catholic Junior College. New Condo at Dunearn Road is also close to various tertiary institutions such as Lee Kong Chian School of Medicine (Novena Campus), EASB East Asia Institute of Management, Laselle College of the Arts and The University of Chicago Booth School of Business. The new Condos are also close to international schools such as Italian Supplementary School, Chinese International School, Chatsworth International School (Orchard Campus), Swedish Supplementary Education School, ISS International School (Elementary and Middle School Campus), Finnish Supplementary School, Norwegian Supplementary School and Global Indian International School (Balestier Campus).
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| Project | New Condo Dunearn Road at former site of Chancery Court |
| Developer | To be announced |
| Location | Chancery Lane, Dunearn Road |
| District | 11 |
| Tenure | 99 years leasehold |
| Site Area | 259,134 square feet |
| GFA: | |
| Plot Ratio | 1.4 |
| Expected TOP: | |
| Total Units | Approximatley residential apartments |
| Total Carpark | |
| Development | Private Condominium comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
| Project | New Condo Dunearn Road at former site of Dunearn Gardens |
| Developer | EL Development, Evan Lim Group |
| Location | Dunearn Road, Gilstead Road |
| District | 11 |
| Tenure | Freehold |
| Site Area | 8,866.9 square metres/ 95,442 square feet |
| GFA: | |
| Plot Ratio | 2.8 |
| Expected TOP: | |
| Total Units | Approximatley residential apartments |
| Total Carpark | |
| Development | Private Condominium comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy (No restriction) |
| Project | New Condo at Rifle Range Road at former site of Mayfair Gardens |
| Developer | Oxley Holdings |
| Location | Rifle Range Road, Duneran Road |
| District | 11 |
| Tenure | 99 years leasehold |
| Site Area | 19,368 square metres/ 208,477 square feet |
| GFA: | 27,114 square metres/291,861 square feet |
| Plot Ratio | 1.4 |
| Expected TOP: | |
| Total Units | Approximatley 380 residential apartments |
| Total Carpark | |
| Development | Private Condominium comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC/ SC, SC/SPR and Foreigner can buy |
| Project | New Condo Dunearn Road at former site of Dunearn Court |
| Developer | Roxy Pacific Holdings |
| Location | Dunearn Road, Bukit Timah Road |
| District | 11 |
| Tenure | Freehold |
| Site Area | 1,784 square metres/ 19,203 square feet |
| GFA: | |
| Plot Ratio | 1.4 |
| Expected TOP: | |
| Total Units | Approximatley residential apartments |
| Total Carpark | |
| Development | Private Condominium comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC/ SC, SC/SPR and Foreigner can buy |
LOCATION and AMENITIES
FACILITIES and SITE PLAN
The Facilities and Site plan of new condo launch at Dunearn Road are currently seeking approval from relevant authorities.
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RESIDENTIAL FLOOR PLANS
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DUNEARN GARDENS SOLD EN BLOC FOR S$468 MILLION
1) The collective sale frenzy continues unabated as Dunearn Gardens, a 114-unit freehold residential development located off Newton Road, becomes the latest to be sold on its third attempt.
The sale was made to a fully owned subsidiary of EL Development - the property arm of building firm Evan Lim Group - for $468 million.
Dunearn Gardens comprises three adjoining residential blocks, with apartment units ranging from 75 to 306 sq m. Surrounded by Good Class Bungalows, landed homes, high-rise condominiums and a 150m walk away from Newton MRT station, it has a site area of 8,866.9 sq m, or 95,442 sq ft.
Each apartment owner will stand to receive a gross sale price of about $2.69 million to $7.98 million, said property consultancy Knight Frank in a news release.
EL Development is expected to incur a development charge of about $43.6 million to redevelop the site to a gross plot ratio of 2.8, based on the maximum permissible gross floor area of about 267,239 sq ft.
The sale price translates to a land price of about $1,914 per sq ft per plot ratio (psf ppr), said Knight Frank. Including a 10 per cent bonus balcony, which would raise the proposed plot ratio to 3.08, the land price would be about $1,841 psf ppr, though this is subject to the authorities' approval, it added.
EL Development managing director Lim Yew Soon said the group intends to redevelop the site into a 34-storey luxury condominium comprising 348 units which have between one and four bedrooms.
Mr Ian Loh, executive director of Knight Frank and head of investment and capital markets, said the new high-rise development will enjoy unobstructed views of the city.
"We believe the new development will appeal to owner-occupiers and investors, given its choice location right at the city fringe," he added.
Mr Petras Tsui, deputy chairman of the Dunearn Gardens collective sale committee, noted that this was the third attempt at a collective sale. He said he appreciated the strong support from fellow owners, consultants and lawyers along the way.
EL Development had in January also acquired Singtel's Hill Street site for $118 million, which it is planning to develop into a mid-to high-end business hotel with more than 300 rooms. Its last residential site purchase was from the government land sales programme in August 2015, which it is developing into the 752-unit condominium project Parc Riviera in West Coast Vale.'
Source: Straits Times
FORMER HUDC CHANCERY COURT SOLD THROUGH EN BLOC SALES
2) Privatized HUDC estate Chancery Court on Dunearn Road in prime District 11 was sold en bloc for $401.777 million. The price achieved was 6% above the reserve price of $390 million, according to marketing agent OrangeTee Advisory, which brokered the sale. Chancery Court has been a sought-after development among parents who want to register their children into Anglo Chinese School, given that the ACS Barker Road campus is located just across the road.
Including a differential premium and lease top-up premium of $182.4 million, the price translates to $1,610 psf per plot ratio. The 259,134 sq ft site can be redeveloped to a plot ratio of 1.4 and maximum gross floor area of 362,788 sq ft. This means it can be redeveloped into a new five-storey residential development with 481 units, based on an average size of 70 sq m.
The existing Chancery Court is made up of 136 residential and eight strata commercial units. Upon successful conclusion of the collective sale following Strata Title Board approval, owners of the residential units can expect proceeds of $1.8 million to $3.5 million. Meanwhile, the owners of the strata commercial units will walk away with $934,000 to $4.7 million, depending their unit size.
FORMER SITE OF MAYFAIR GARENS SOLD TO OXLEY HOLDINGS FOR CONDO REDEVELOPMENT THROUGH COLLECTIVE SALES
3) The collective sale market continues to thrive, with the latest being Mayfair Gardens, snapped up by listed property developer Oxley Holdings for $311 million.
The reserve price was $265 million.
Each owner stands to collect a gross sale price of around $1.7 million to $2.89 million once the deal goes through successfully.
The private residential estate is made up of six residential walk-up blocks with units ranging from 100 to 200 sq m and has a site area of 19,368 sq m.
Located off Dunearn Road, it is near schools such as Methodist Girls' Primary and Secondary, as well as Hwa Chong Junior College. It is about 300m from King Albert Park MRT station.
The sale price, with an additional lease top-up premium estimated at $52 million to top up the lease to a fresh 99 years, translates to a land price of about $1,244 per square foot per plot ratio, said marketing agent Knight Frank in a statement yesterday.
The public tender for Mayfair Gardens was launched on Oct 23 with a reserve price of $265 million and closed on Thursday, with owners of 105 of the 124 units - which accounted for more than 84 per cent of the total strata area - agreeing to the collective sale.
Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank, said the new development could potentially house 387 homes of an average 70 sq m in size.
"At the sale price of $311 million, the breakeven price for the new project is estimated at $1,780 psf," he said.
Under the 2014 Master Plan, the site is zoned "Residential" with a gross plot ratio of 1.4, which allows redevelopment potential to reach up to a maximum permissible gross floor area of 291,865 sq ft.
Oxley said in a statement to the Singapore Exchange that the purchase will be funded by internal resources and bank borrowings.
Knight Frank has sold five collective sale sites worth a total of $1.8 billion in the last six months, including Normanton Park and Dunearn Court.
Source: The New Paper 19th November 2017
ROXY WON TOP BID FOR FORMER DUNEARN COURT CONDO SITE THROUGH EN BLOC SALES
4) Each owner at the 12-unit Dunearn Court will get about $2.91 million to $3.12 million, which works out to about $2,004 to $2,140 per square foot (psf).
The 19,203 sq ft freehold site, which was bought by Roxy-Pacific Holdings unit RH Central, has a gross plot ratio of 1.4.
The sale price, which carries a charge of about $550,000 to redevelop the site, translates to a land price of about $1,371 psf per plot ratio (ppr).
"The new development could potentially yield 35 new units of 70 sq m each," said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank, the marketing agent.
"It is situated within 500m from Tan Kah Kee MRT station and Botanic Gardens MRT station, close to the Singapore Botanic Gardens and schools including Nanyang Primary School and Nanyang Girls' High School."
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