Selangor Dredging Berhad has acquired 1 Draycott Park for $72 million through a private treaty deal. The sale price reflects a land rate of approximately $1,787 ppr inclusive of a development charge estimated at $15.3 million.

The 17,442 sq ft freehold site is currently occupied by a 7-storey block. Built in the 1990s, the development comprises eight apartments measuring from 860 sq ft to 6,200 sq ft. Based on the Master Plan 2014, it is zoned for residential use with a plot ratio of 2.8. The site can be redeveloped up to a height limit of 36 storeys with a maximum permissible gross floor area of 48,837 sq ft.

According to Savills Singapore who brokered the sale, the breakeven price for the new development is expected to range from $2,700 to $2,800 psf depending on the quality of the end product.