Newton View re-launched for collective sale

Newton View, located at 26 Newton Road, has, for the second time in less than six months, been launched for collective sale, with a slight decrease in asking price.

The owners of the freehold project are now asking for $150 million, slightly lower than the $153 million to $155 million they had looked for when the site was first released in the market in August 2010.

The tender closed with many developers submitting interest and bids but the reserve price was not reached, said Savills Singapore, the marketing agent for the property.

The new asking price works out to $1,302 psf ppr, assuming a gross floor area (GFA) of 115,737 sq ft and including an estimated development charge of about $582,000.

The property sits on a 37,577 sq ft site with a permissible GFA of 105,215 sq ft and a plot ratio of 2.8. Inclusive of an additional 10 percent of space for balconies, the GFA can go up to 115,737 sq ft.

Savills Singapore said the estimated breakeven is around $1,981 psf, given the asking price of $1,302 psf ppr. It expects the winning developer to build a condominium with around 147 units, averaging 750 sq ft each.

The tender for Newton View will close on January 28.