Farrer Road’s Sutton Place up for en bloc sale at S$285m
Farrer Road’s Sutton Place up for en bloc sale at S$285m. An indicative price of S$285 million has been set for the freehold Sutton Place at 24, 26, and 28 Farrer Road in prestigious District 10. Sutton Place, marketed by Colliers, is a 44-unit residential building with five stories and a 93,183 square foot lot (sq ft).
The land has a permitted gross plot ratio of 1.6 and is zoned for residential use, according to the Urban Redevelopment Authority’s (URA) Draft Master Plan 2019. According to Colliers, it has a development baseline of about 130,201 square feet, or about 87% of the permissible gross floor area (GFA), which “would buffer any increase in development charge rates for prospective developers.” Based on the indicated price of S$285 million and a development fee of about S$20.89 million, this equals a land price of S$2,052 per square foot per plot ratio (psf ppr).
Colliers notes that the prospective buyer can rebuild the property to house roughly 162 apartments with a minimum size of 915 square feet, subject to getting the required clearances from the appropriate authorities. It asserts that the Land Transport Authority has stated, subject to certain conditions being met, that a pre-application feasibility study is not required for Sutton Place based on 162 units. Additionally, potential developers could raise the GFA to roughly 159,531 sq ft by including the added balcony area. The land price will be further decreased to S$1,990 psf ppr after adding the additional development charge payable of about S$32.42 million to enhance the overall GFA, according to Colliers.
Colliers also concluded the successful collective sale of the adjoining Tulip Garden in 2019 for S$906.9 million. Leedon Green is now that property. According to URA Realis data, the latest transacted prices at the freehold project are between S$2,500 and S$3,000 per square foot. Sutton Place is thought to be in a more upscale location because it is situated across the street from Leedon Green, is on higher ground, has a smaller site area, and is situated on a smaller parcel of land, according to Tang Wei Leng, managing director of Colliers and head of capital markets and investment services. Tang asserts that there is a dearth of conveniently located residences in the desirable areas. In the following one to two years, Tang predicted, “the median price of new flats in the Farrer/Holland Road locality will approach S$3,000 psf, which is an increase of more than 10% from present prices.”
Within a 2-kilometer radius of Sutton Place, schools including Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College are situated on the outskirts of a Good Class Bungalow Area. It takes 10 minutes to walk to the Farrer Road MRT station, and both the Pan Island Expressway and the Ayer Rajah Expressway are close by. The adjacent Holland Village, Dempsey Hill, and Singapore Botanic Gardens offer a variety of dining, shopping, and entertainment opportunities.
On September 15 at 3 p.m., the Sutton Place tender process closes.
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