Roxy-Pacific Holdings has bought Derby Court in Novena for $73.88 million, said marketing agent JLL on Dec 13. This is 19% above the reserve price of $62 million. “The freehold site attracted seven tender bids from local and foreign developers and funds,” notes Tan Hong Boon, regional director at JLL.
The land cost translates to about $1,390 psf per plot ratio – based on the “as-built” gross plot ratio of about 2.872. Development charge is not payable – even with the 10% bonus balcony GFA – as the site has a high development baseline, according to Tan.
If the sale goes through at the given sale price, Tan says that owners can expect gross sales proceeds of between $3.36 million and $6.65 million per unit.
(Credit: JLL)
Derby Court sits on an 18,506 sq ft site. Under the 2014 Master Plan, the site is zoned ‘Residential’ with a gross plot ratio of 2.8. The existing development has 18 units measuring 1,991 sq ft as well as two penthouses sized at 3,897 sq ft. The site has a verified GFA of 53,153 sq ft, says JLL.
This was the third collective sale attempt for Derby Court owners, according to JLL. “There are not many sites of similar size and scale available for redevelopment in the Novena area,” comments Tan.
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