The asking price works out to a land rate of $1,572 psf per plot ratio. (Photo: OrangeTee Advisory)
Chancery Court, a privatised HUDC estate along Dunearn Road, has been launched for collective sale at an asking price of $390 million, or a land rate of $1,572 psf per plot ratio, marketing agent OrangeTee Advisory said on Monday (2 Apr).
The 99-year leasehold site comprises 136 residential units and eight commercial units.
Measuring approximately 259,134 sq ft, the site is zoned residential with a gross plot ratio of 1.4 under the 2014 Master Plan.
The asking price includes an estimated differential premium of about $180 million to top up the lease from about 62 years to a fresh 99 years and for site intensification.
The site is also subject to the Pre-Application Feasibility Study (PAFS) on traffic impact and a traffic consultant has been commissioned to undertake the study.
The new development could yield up to 480 units with an average size of 753 sq ft.
The Newton MRT interchange and established schools such as Anglo Chinese School, St. Joseph’s Institution Junior and Singapore Chinese Girls Primary School are nearby.
“We believe Chancery Court will generate good interest from developers given its excellent location in District 11, easy access to town via public and private transport and its proximity to the few popular and reputable schools,” said Alex Oh, executive director of OrangeTee Advisory.
Marcus Oh, managing director of OrangeTee Advisory, added: “To give more certainty to developers, we took the initiative to undertake the PAFS and would expect the advisory on the maximum dwelling units from the authority before the tender closes. With this, developers will be able to conduct the redevelopment feasibility with a peace of mind.”
The tender for Chancery Court will close on 15 May.