Freehold Sutton Place launches $285 mil collective sale bid
Freehold Sutton Place launches $285 mil collective sale bid. Sutton Place’s 44-unit owners have started a collective selling process for the freehold development, which is located at 24, 26, and 28 Farrer Road. The property will be sold for an estimated $285 million, and Colliers will handle the marketing for the transaction
Sutton Place is a 44-unit residential building with five stories and is situated in the prestigious District 10 neighborhood. The building is situated on an elevated 93,183 square foot land. According to the most recent Master Plan, the land is zoned residential with a maximum gross plot ratio of 1.6. Colliers claims that the site has a development baseline of 130,201 square feet, or around 87% of the permissible gross floor area (GFA), which will protect potential developers from increases in development charge rates.
The land price will be $2,052 psf per plot ratio or ppr, according to Tang Wei Leng, managing director and head of capital markets & investment services, Singapore at Colliers, based on the suggested price of S$285 million and the development charge due of roughly $20,886,880. She goes on to add that the subsequent owner might convert the land into a residential complex with 162 units, each measuring at least 915 square feet. According to Colliers, the LTA won’t want a pre-application feasibility study if it is turned into a 162-unit complex.
In addition, potential developers might raise the GFA to roughly 159,531 sq ft by taking advantage of the 7% bonus GFA offered by the balcony incentive scheme. The land price will be further cut to $1,990 psf ppr after adding the additional development charge payable of around $32.4 million to intensify the entire GFA, according to Tang. In addition to being near to the well-liked Holland Village neighborhood, Sutton Place is flanked by a number of good class bungalow areas and other prestigious residential communities in the Farrer Road region.
Raffles Girls’ Primary School, National Junior College, Hwa Chong Institution, and Nanyang Primary School are a few nearby schools in the region. Dempsey Hill and the neighboring Holland Village both provide amenities in the meantime. The Farrer Road MRT Station on the Circle Line and the Ayer-Rajah Expressway offer access to various parts of Singapore.
Sutton Place is close to a number of new projects in the neighborhood that are being redeveloped as a result of a collective sale. Sutton Place is directly across the street from the former Tulip Garden, and Colliers managed the $906.8 million sale of that property in 2018. There, Leedon Green is being built.
Click the image to read the full details of report.