Chancery Court sold en bloc to Far East Organization for $401.8 mln
By Cecilia Chow
/ EdgeProp |
Privatized HUDC estate Chancery Court on Dunearn Road in prime District 11 was sold en bloc for $401.777 million. The price achieved was 6% above the reserve price of $390 million, according to marketing agent OrangeTee Advisory, which brokered the sale. Chancery Court has been a sought-after development among parents who want to register their children into Anglo Chinese School, given that the ACS Barker Road campus is located just across the road.
The existing Chancery Court is made up of 136 residential and eight strata commercial units (Credit: OrangeTee)
Including a differential premium and lease top-up premium of $182.4 million, the price translates to $1,610 psf per plot ratio. The 259,134 sq ft site can be redeveloped to a plot ratio of 1.4 and maximum gross floor area of 362,788 sq ft. This means it can be redeveloped into a new five-storey residential development with 481 units, based on an average size of 70 sq m.
The existing Chancery Court is made up of 136 residential and eight strata commercial units. Upon successful conclusion of the collective sale following Strata Title Board approval, owners of the residential units can expect proceeds of $1.8 million to $3.5 million. Meanwhile, the owners of the strata commercial units will walk away with $934,000 to $4.7 million, depending their unit size.
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