The freehold, 114-unit Dunearn Gardens has been put up for sale by tender on Jan 15 for $488.8 million. Including an additional charge of about $35.7 million for the intensification of the site to the maximum gross floor area (GFA), this translates into a land rate of about $1,962 psf ppr, according to the sole marketing agent Knight Frank.
Under the 2014 Master Plan, the site is zoned for Residential use with a Gross Plot Ratio of 2.8. The redeveloped site may potentially have a maximum permissible GFA of about 267,239 sq ft, yielding 354 new residential units sized at 753 sq ft. With the inclusion of a 10% bonus balcony GFA and a proposed plot ratio of 3.08, the land rate works is about $1,861 psf ppr, subject to approval.
The 114-unit Dunearn Gardens off Newton Road. (Picture: Knight Frank)
The high-rise development is situated on a 95,442 sq ft site, and comprises three adjoining residential blocks. The 114 apartments units range from 807 to 3,294 sq ft in size.
The Land Transport Authority has confirmed that a Pre-Application Feasibility Study on traffic impact will not be required for the site.
Located on Dunearn Road, and off Newton Road, Dunearn Gardens is close to St. Joseph’s Institution Junior and Anglo-Chinese School (Barker Road), as well as Catholic Junior College. It is connected via the CTE and PIE.
“We believe (Dunearn Gardens) is one of the last freehold high-rise residential development sites within 100m from Newton MRT station”, says Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore. With the current limited supply of new luxury residential projects, the new development will likely be highly sought after by home-buyers and investors, says Loh.
The tender will close on Feb 13.