Derby Court site sold en bloc for $73.88m

It may be redeveloped for a 24- to 25-storey apartment.

Derby Court, a 20-unit development at Derbyshire Road, has been sold en bloc to RH Developments Two Pte. Ltd. for $73.88m or $1,390 psf ppr, JLL announced.

According to a press release, this is the third time that the property was offered for sale collectively.

Under the 2014 Master Plan, the 18,506 sq ft site is zoned ‘Residential’ with a gross plot ratio of 2.8.

It may be redeveloped to accommodate a high-rise apartment development of around 24 to 25 storeys based on the height control on the site at 99 metres AMSL.

JLL regional director Tan Hong Boon said RH Developments Two won against seven tender bids from both local and foreign developers and funds.

“The successful sale price would mean the owners can expect to receive gross sales proceeds of between $3.36 million and $6.65 million per unit,” Tan added.