Farrer Road’s Sutton Place up for en bloc sale at S$285m
FREEHOLD Sutton Location at 24, 26 as well as 28 Farrer Roadway in prime Area 10 has actually been put up for collective sale using public tender at an indicative cost of S$ 285 million.
Marketed by Colliers, Sutton Area is a 5-storey household development consisting of 44 systems on a website measuring 93,183 square feet (sq ft).
According to the Urban Redevelopment Authority’s (URA) Draft Plan Of Attack 2019, the site is zoned for property usage as well as has an allowable gross plot proportion of 1.6. It has an advancement baseline of roughly 130,201 sq ft, or concerning 87 percent of the permitted gross floor area (GFA), which Colliers states “will certainly buffer any type of rising in advancement cost prices for possible developers.”
Based on the significant rate of S$ 285 million and also an advancement charge payable of about S$ 20.89 million, this will convert right into a land cost of S$ 2,052 per square foot per plot ratio (psf ppr).
Colliers states the successful purchaser can redevelop the website to accommodate about 162 apartments or condos at a minimum dimension of 915 sq ft, based on approvals from the appropriate authorities. It states the Land Transport Authority has confirmed that a pre-application usefulness study is not needed for Sutton Area based on 162 units, subject to the fulfilment of some conditions like Feng Shui For Bussiness.
In addition, inclusive of the perk terrace location, potential developers might boost the GFA to roughly 159,531 sq ft. After adding the additional development charge payable of about S$ 32.42 million to heighten the total GFA, the land rate will be further lowered to S$ 1,990 psf ppr, including Colliers.
In 2019, Colliers likewise successfully finished the collective sale of the neighboring Tulip Yard for S$ 906.9 million, currently being redeveloped as Leedon Green. Data from URA Realis shows that the newest transacted prices at the property task remain in the range of regarding S$ 2,500 to S$ 3,000 psf.
Flavor Wei Leng, Colliers’ handling director and also head of funding markets and investment services, noted that Sutton Area lies right across the road from Leedon Eco-friendly, is on greater ground, has a smaller sized site area, and “is regarded an extra unique location.”
“We anticipate the median cost of brand-new apartment or condos in the Farrer/Holland Roadway locality to cross S$ 3,000 psf in the next 1 to 2 years, which is an increase of more than 10 per cent from current prices,” stated Flavor, including that there is a tight supply of well-located apartment or condos in the prime districts.
Located at the fringe of a Good Class Cottage Area, colleges such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Establishment, and National Junior University are within a 2-kilometer span of Sutton Location.
The Farrer Roadway MRT station is a 10-minute leave, with the Pan Island Expressway and also Ayer Rajah Expressway additionally easily accessible. Dining, buying, and enjoyment options are at the nearby Holland Village, Dempsey Hill as well as Singapore Botanic Gardens.
The tender exercise for Sutton Place closes on Sep 15 at 3 pm.