Privatised HUDC estate Chancery Court has been launched for sale by tender with an asking price of $390 million, announced OrangeTee Advisory, the sole marketing agent.
The asking price includes an estimated $180 million premium to top-up the lease on the 99-year leasehold site which has a balance tenure of 62 years, as well as the intensification of the site to its maximum gross plot ratio of 1.4. This translates into a land rate of $1,572 psf per plot ratio.
Chancery Court sits on a 259,134 sq ft site which is zoned for residential use under the 2014 Master Plan. The 136-unit development includes a 16-storey block with 52 apartment units and 8 strata commercial units, as well as 42 walk-up maisonette units housed in seven 4-storey blocks. The redevelopment could potentially yield a maximum of 480 units sized at 70 sq m.
The site is subject to the Pre-Application Feasibility Study (PAFS) on traffic impact, and OrangeTee has commissioned a traffic consultant to undertake the study which is expected to complete before the tender closes, says Marcus Oh, managing director of OrangeTee Advisory. Therefore, developers will be able to conduct their redevelopment feasibility with peace of mind, he adds.
Chancery Court is close to popular schools like Anglo-Chinese School (Primary), St. Joseph’s Institution Junior, Singapore Chinese Girls School, CHIJ Primary (Toa Payoh), and St. Margaret’s Primary School. Residential developments nearby include Good Class Bungalows, landed houses, and private condominiums. It is served by the Newton MRT interchange on the North-South and Downtown Lines.
The tender closes on May 15.
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