The reserve price works out to a land rate of $1,885 psf ppr, after factoring in a development charge of $3.7 million. (Photo: Colliers International)
Fernhill Court, a prime freehold development located next to the Nassim Road, Dalvey Road and White House Park Good Class Bungalow (GCB) areas in prime District 10, will be put up for collective sale on Wednesday (16 May) with a reserve price of $125 million, revealed marketing agent Colliers International.
This works out to a land rate of $1,885 psf per plot ratio (psf ppr), after factoring in a development charge of $3.7 million.
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“This compares favourably against the land rate of $1,898 psf ppr achieved for the collective sale of Villa D’Este in Dalvey Road recently,” said Colliers.
It noted that the approximately 48,768 sq ft site has no plot ratio indication under the 2014 Master Plan, while the building height is subject to detailed control. However, outline planning permission has been submitted for a proposed residential development with a gross plot ratio of 1.4, comprising a five-storey block and a two-storey block.
With 100 percent consensus already obtained from the owners, the successful tenderer will not need to obtain the Strata Titles Board’s approval for the sale, and will be able to take possession of the site following the end of the vacant possession period.
Built in 1981, Fernhill Court comprises 18 maisonettes ranging between 2,271 sq ft and 2,982 sq ft. Each owner could receive a minimum of $6.32 million to $8.3 million if the sale goes through.
“We expect to see substantial interest in the Fernhill Court tender opportunity due to the scarcity of prime freehold redevelopment sites in the exclusive Fernhill/Orange Grove area and the palatable investment quantum,” said Colliers International managing director Tang Wei Leng.
“The site will allow the successful tenderer to create a luxury boutique development comprising 90 new homes with an average size of 750 sq ft,” she noted.
The tender for Fernhill Court will close on 21 June.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org