(1888PressRelease)
November 02, 2007 - The premier freehold residential development site is located along Dunearn Road, close to Scotts Road. It sits on 8,866.8 square meters (approximately 95,443 square feet) of prime land and boasts panoramic views of Orchard Road and the Central Business District.
The guide price is $578.5 million, which equates to about $2,288 per square foot per plot ratio, inclusive of a Development Charge estimated to be $32.9 million.
Under the Master Plan 2003, the maximum permissible plot ratio is 2.8 with a height restriction of 117 meter AMSL (approximately 33 storeys). Developers can also further utilize the additional 10% Gross Floor Area allowable for the provision of balconies, subject to the payment of Development Charge.
Dunearn Gardens was completed in 1992. There are 12 two-bedroom (807 - 828 square feet) apartments, 64 three-bedroom (1,227 - 1,248 square feet) apartments, 34 four-bedroom (1,646 - 1,668 square feet) apartments and 4 penthouses (2,443 square feet and 3,293 square feet) presently on the site.
Based on the $578.5 million guide price, owners can receive approximately $3.42 - $9.29 million depending on their unit types and sizes. The developer can build about 134 units assuming an average size of 2,000 square feet each.
The estimated breakeven is in the region of $2,900 per square foot.
"The Newton area has always been well sought-after amongst homebuyers and investors due to its excellent location and good schools nearby. With Newton MRT station slated to be the "interchange hub" for the upcoming Downtown Line, we expect housing demand to grow more strongly.
Moreover, with Elmira Heights and Gilstead View being sold via en-bloc earlier this year, Dunearn Gardens remains the last and only available large residential site in the locality," said Jeremy Lake, Executive Director of Investment Properties.
The Tender Exercise closes at 3 p.m. on 28 November 2007.
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