Roxy-Pacific Holdings announced on Oct 23 that its wholly-owned subsidiary has entered into a conditional agreement to buy Dunearn Court in a collective sale, at $36.3 million.

After taking into account a development charge of about $550,000 to redevelop the site to a gross plot ratio of 1.4 as stated in the 2014 URA Master Plan, this translates to a land cost of about $1,371 psf per plot ratio (ppr), says marketing agent Knight Frank.

Each owner is expected to receive a gross sale price of approximately $2.91 million to $3.12 million upon completion of the sale, adds Knight Frank.

Source: Knight Frank

The existing freehold Dunearn Court site, which spans 19,203 sq ft, houses 12 apartments in a single block. According to Ian Loh, executive director and head of investment & capital markets at Knight Frank, the new development could potentially yield 35 new units of 753 sq ft.

The Dunearn Court site is located within walking distance of Botanic Gardens MRT station, and is within 1km from Nanyang Primary School.

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