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Thread: Freehold Dunearn Gardens up for collective sale for $489 mil

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    Default Freehold Dunearn Gardens up for collective sale for $489 mil

    Freehold Dunearn Gardens up for collective sale for $489 mil

    By Timothy Tay

    January 15, 2018



    The freehold, 114-unit Dunearn Gardens has been put up for sale by tender on Jan 15 for $488.8 million. Including an additional charge of about $35.7 million for the intensification of the site to the maximum gross floor area (GFA), this translates into a land rate of about $1,962 psf ppr, according to the sole marketing agent Knight Frank.

    Under the 2014 Master Plan, the site is zoned for Residential use with a Gross Plot Ratio of 2.8. The redeveloped site may potentially have a maximum permissible GFA of about 267,239 sq ft, yielding 354 new residential units sized at 753 sq ft. With the inclusion of a 10% bonus balcony GFA and a proposed plot ratio of 3.08, the land rate works is about $1,861 psf ppr, subject to approval.

    The high-rise development is situated on a 95,442 sq ft site, and comprises three adjoining residential blocks. The 114 apartments units range from 807 to 3,294 sq ft in size.

    The Land Transport Authority has confirmed that a Pre-Application Feasibility Study on traffic impact will not be required for the site.

    Located on Dunearn Road, and off Newton Road, Dunearn Gardens is close to St. Joseph’s Institution Junior and Anglo-Chinese School (Barker Road), as well as Catholic Junior College. It is connected via the CTE and PIE.

    “We believe (Dunearn Gardens) is one of the last freehold high-rise residential development sites within 100m from Newton MRT station”, says Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore. With the current limited supply of new luxury residential projects, the new development will likely be highly sought after by home-buyers and investors, says Loh.

    The tender will close on Feb 13.

    https://youtu.be/v9EpkPy0Slw

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    Dunearn Gardens launched for collective sale with asking price of at least S$488.8m

    MON, JAN 15, 2018

    LYNETTE KHOO


    DUNEARN Gardens, a rare freehold high-rise residential redevelopment site off Newton Road, has been launched for collective sale by public tender.

    The owners of the 114-unit estate are expecting offers above their reserve price of S$488.8 million, said Knight Frank Singapore, the exclusive marketing agent for the site.

    Including an additional development charge of S$35.7 million payable to the state to intensify the use of the site to the maximum permissible gross floor area (GFA), the land rate is estimated to be S$1,962 per square foot per plot ratio (psf ppr).

    With the inclusion of a 10 per cent bonus balcony GFA, the land rate will work out to S$1,861 psf ppr, subject to the authorities' approval.

    Knight Frank Singapore executive director and head of investment and capital markets Ian Loh noted that there has been a pick-up in interest from homebuyers in the high-end residential market.

    In the third quarter alone, there were 1,374 caveats in the Core Central Region (CCR) for both new sales and resale homes - a record high over the last five years, he said.

    "Based on URA (Urban Redevelopment Authority) data, the projected supply for properties in the CCR is less than 1,000 units per year from 2018 to 2020. With the current limited supply of new luxury residential projects, we believe demand will surpass availability," he added. "Coupled with the positive attributes of the site, the new development will likely be highly sought after by end users."

    The site is regular in shape with 90 metres' frontage onto Dunearn Road. The tender for Dunearn Gardens will close on Feb 13 at 3.30pm.

    Last year, some 27 collective sales brought the total value of such transactions above S$8 billion, compared to S$1 billion in 2016.

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    The site of the 114-unit Dunearn Gardens is regular in shape, with a frontage of 90m onto Dunearn Road. The tender for Dunearn Gardens will close on Feb 13 at 3.30pm.PHOTO: KNIGHT FRANK

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    Any news on this one ? Over a month since their tender closed.

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    No news and no private treaty, I guess pride too high...

    At 19xx psf ppr can get cairnhill heights plot why buy Newton area?

    Even Pacific Mansion also lowered their price expectations from 2007 that's why can sell...

    Dunearn gardens have always been asking unrealistic pricing since 2007

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    Certainly Developers arenít going to over pay. Still plenty of good options out there.


    Quote Originally Posted by CCR View Post
    No news and no private treaty, I guess pride too high



    At 19xx psf ppr can get cairnhill heights plot why buy Newton area?

    Even Pacific Mansion also lowered their price expectations from 2007 that's why can sell...

    Dunearn gardens have always been asking unrealistic pricing since 2007

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