Sutton Place is located close to Farrer Road MRT station, and is also a short drive to the Central Business District and Orchard Road. (Photo: Knight Frank)
Sutton Place, a five-storey residential development off Farrer Road, has been put up for sale with a reserve price of $268 million, revealed Knight Frank Singapore.
Subject to confirmation from the relevant authorities, a development charge of about $17.88 million is payable for the redevelopment of the freehold condo, translating to a land rate of about $1,917 psf per plot ratio (psf ppr).
The 44-unit development is nestled on an approximately 93,185 sq ft site, which is zoned residential under the 2014 Master Plan with an allowable plot ratio of 1.6. The site is not subject to a pre-application feasibility study and can be redeveloped into a condominium project with 198 units averaging 753 sq ft, subject to the Urban Redevelopment Authority’s approval.
Situated within 500m from Farrer Road MRT station, Sutton Place is well connected to other parts of Singapore via the Ayer Rajah Expressway, Pan-Island Expressway and Farrer Road. It is also a short drive to the Central Business District and Orchard Road.
The development is also near Holland Village, Chip Bee Gardens and Dempsey Hill as well as various schools including Nanyang Primary School, Anglo-Chinese School (International), Raffles Girls’ Primary School, The Chinese High School, Nanyang Girls’ High School, National Junior College and Hwa Chong Institution.
“Despite recent cooling measures, the price quantum is still palatable and the potential for less than 200 units is a low-risk acquisition to developers,” said Ian Loh, executive director and head, investment and capital markets, Knight Frank Singapore.
The tender for Sutton Place closes on 6 September.