Freehold development charge payable of about $20,886,880 translate to a land price of $2,052 psf ppr

Owners of Sutton Place, which is a residential development of 44 units located situated at 25, 26, and 28 Farrer Road, have launched a collective sale tender to sell the development’s freehold. The property is expected to fetch an estimate of $285 million. this sale is promoted by Colliers.

Copen Grand enbloc in conjunction with Taurus Property Pte Ltd, based within the City Development Group and MCL Land.

In the District 10 area, which is prime, Sutton Place is a five-storey residential project that includes 44 units. The development is situated in an elevated, elevated, 93183 square feet lot. This site is zoned for residential use with an allowed total plot area ratio of 1.6 according to the most recent Master Plan.
According to Colliers the site has a baseline for development of 130,201 sq feet roughly 85% of the allowed Gross Floor Area (GFA) which is enough to protect any increases in development charges for potential developers.

“Based on the price indicative of S$285 million, and an development fee of around $20,886,880, this could translate to the land cost of $2,052 psf/plot ratio or ppr” states Tang Wei Leng, managing director and director of capital markets and investment services Singapore in Colliers.

She also states she believes that the prospective owner can develop the site to create a 162-unit residential project , with the minimum unit size being 915 square feet. Colliers has confirmed that an application feasibility study prior to the submission of a proposal does not have to be done by LTA when it’s redeveloped to become a 162-unit residential development.

“In addition to an additional 7% extra GFA in the Balcony Incentive Scheme, potential developers can boost the GFA up to 159,531 square feet. After adding the development cost of $32.4 million to increase the overall GFA the price of land is further reduced to $1,990 psf per acre,” says Tang.

Sutton Place is close to the well-known Holland Village neighbourhood It is also close to other residential developments of a high standard within the Farrer Road region along with a variety of good Class Bungalow Zones.

Nearby schools Include Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College. In addition, there are amenities in the vicinity of Holland Village and Dempsey Hill. Farrer Road MRT Station in the Circle Line and the Ayer-Rajah Expressway connects other areas of Singapore.

Sutton Place is close to many new projects in the area that are being renovated as a result of a group sale. Just across the street to Sutton Place is the former Tulip Garden, for which Colliers brokered the deal at $906.8 million in the year 2018. The garden is currently being transformed to become Leedon Green.

The adjacent Hyll situated on Holland is an redevelopment of the old Hollandia and Estoril that were purchased for $183 million and $224 million in the year 2018 in addition to Sutton Place is the former The Wilshire which was sold for $98.8 million in the year 2018.

The tender for the collective sale of Sutton Place will close on September 15.