The purchase price works out to a land rate of about $1,610 psf per plot ratio. (Photo: OrangeTee Advisory)
Chancery Court, a privatised HUDC estate right across the road from the Anglo Chinese School campus, has been sold en bloc for $401.78 million, or six percent higher than its reserve price of $390 million, revealed marketing agent OrangeTee Advisory on Thursday (17 May).
The purchase price works out to a land rate of about $1,610 psf per plot ratio, after taking into account a differential premium and lease upgrading premium of around $182.4 million to redevelop the site to a gross plot ratio of 1.4, based on the maximum permissible gross floor area of 362,788 sq ft, and to top up the lease to a fresh 99 years.
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With a site area of approximately 259,134 sq ft, Chancery Court comprises a 16-storey tower block and seven blocks of four-storey walk-up maisonettes.
It is located in prime District 11 near Newton MRT interchange, and is also close to various schools such as St Joseph’s Institution Junior and Singapore Chinese Girls’ Primary School.
OrangeTee Advisory noted that the 136 residential and eight commercial unit owners stand to receive gross sale proceeds of about $1.8 million to $3.5 million and $934,000 to $4.7 million respectively.
“A pre-application feasibility study on traffic impact was commissioned by us and it has provided certainty to developers during the bidding process,” it said.
The site can be redeveloped into a five-storey condominium with a maximum of 481 units, based on an average size of 753 sq ft, subject to relevant authorities’ approval.
“The recent collective sale sites sold along Bukit Timah Road, Dunearn Road and Balmoral Road have exhibited developers’ confidence in the locality and the rarity would enhance its desirability to the end users and investors. We are certain that the redevelopment of Chancery Court will value add to the impending rejuvenation of the area,” added OrangeTee Advisory.
Learn more about the Novena/Newton area and search for properties to buy or rent.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com