The freehold site is located close to Newton MRT station. (Photo: Knight Frank)
Dunearn Gardens, a freehold high-rise residential redevelopment site off Newton Road, has been put up for en bloc sale, with the owners expecting offers above their reserve price of $488.8 million, revealed marketing agent Knight Frank Singapore.
Including an additional development charge of around $35.7 million, the land rate stands at around $1,962 psf per plot ratio (psf ppr).
With the inclusion of a 10 percent bonus balcony gross floor area, the land rate works out to around $1,861 psf ppr, subject to the authorities’ approval.
Enjoying a 90-metre frontage onto Dunearn Road, Dunearn Gardens comprises three adjoining residential blocks of 114 apartment units.
The 8,866.9 sq m site is zoned residential under the 2014 Master Plan with a gross plot ratio of 2.8. Knight Frank noted that the site can yield 354 housing units with an average size of 70 sq m.
Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore, revealed that the high-end residential market has recently witnessed a pick up in interest from home buyers.
And given the limited supply of new luxury residential projects, Loh believes demand will surpass availability.
“Coupled with the positive attributes of the site, the new development will likely be highly sought after by end users,” he added.
The site is a 15-minute drive to the Central Business District, and 25-minute drive to Changi Airport.
“The Land Transport Authority (LTA) has confirmed that a Pre-Application Feasibility Study (PAFS) on traffic impact will not be required for the site,” noted Knight Frank.
The tender for Dunearn Gardens will close on 13 February.