Freehold Sutton Place launches $285 mil collective sale bid
By Timothy Tay
/ EdgeProp Singapore |
Based on the indicative price of S$285 million and a development charge payable of about $20,886,880, this will translate to a land price of $2,052 psf ppr. (Picture: Colliers)
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SINGAPORE (EDGEPROP) - The owners of Sutton Place, a 44-unit residential development at 24, 26, 28 Farrer Road, have launched a collective sale tender for the freehold development. The property has an indicative price of $285 million, and the sale will be marketed by Colliers.
Read also: Sutton Place up for sale at $268 mil
Located in prime District 10, Sutton Place is a five-storey residential development comprising 44 units. The development sits on an elevated, 93,183 sq ft plot. The site is zoned residential with an allowable gross plot ratio of 1.6, under the latest Master Plan.
According to Colliers, the site has a development baseline of 130,201 sq ft, or about 87% of the allowable gross floor area (GFA), which will buffer any increase in development charge rates for prospective developers.
“Based on the indicative price of S$285 million and a development charge payable of about $20,886,880, this will translate to a land price of $2,052 psf per plot ratio or ppr,” says Tang Wei Leng, managing director and head of capital markets & investment services, Singapore at Colliers.
Sutton Place is a five-storey residential development comprising 44 units. (Picture: Colliers)
She adds that the new owner could redevelop the site into a 162-unit residential project with a minimum unit size of 915 sq ft. Colliers has confirmed that a pre-application feasibility study is not required by LTA if it is redeveloped into a 162-unit development.
“In addition, with the 7% bonus GFA under the Balcony Incentive Scheme, prospective developers could increase theGFA to approximately 159,531 sq ft. After adding the additional development charge payable of about $32.4 million to intensify the overall GFA, the land price will be further reduced to $1,990 psf ppr,” says Tang.
Sutton Place is close to the popular Holland Village neighbourhood, and is surrounded by other prime residential developments in the Farrer Road area, as well as several Good Class Bungalow Areas.
Nearby schools in the vicinity include Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College. Meanwhile, amenities are located at the nearby Holland Village and Dempsey Hill. Farrer Road MRT Station in the Circle Line and the Ayer-Rajah Expressway provides connectivity to other parts of Singapore.
There have been at least four successful enbloc transactions in the vicinity around Sutton Place, as seen using EdgeProp's Landlens tool. (Map: EdgeProp Singapore)
Sutton Place is close to several new projects in the area which are being redeveloped as the result of a collective sale. Across the road from Sutton Place is the former Tulip Garden, for which Colliers brokered the sale for $906.8 million in 2018. It is being redeveloped into Leedon Green.
The nearby Hyll on Holland is a redevelopment of the former Hollandia and Estoril, which were sold for $183 million and $224 million in 2018, while beside Sutton Place is the former The Wilshire which was sold for $98.8 million in 2018.
The collective sale tender for Sutton Place will close on Sept 15.
Check out the latest listings near Sutton Place, Holland Village, Leedon Green, Hyll on Holland, Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, National Junior College, Farrer Road MRT Station
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