It could yield 63 new residential units upon redevelopment.
Chancery Esquire, a freehold residential redevelopment site along Chancery Lane, has been put up for an en bloc sale at a reserve price of $86.6m or a land rate of $1,797 psf ppr, marketing agent Knight Frank Singapore revealed.
Chancery Esquire is a private residential estate comprising a block of 31 apartment units ranging from 84 sqm to 158 sqm and has a site area of 2,696.3 sqm (approx. 29,022 sqft). The site is regular with 50 metres’ frontage onto Chancery Lane.
Under the 2014 Master Plan, the site is zoned “Residential”, with a Gross Plot Ratio (GPR) of 1.4. Based on the existing Gross Floor Area (GFA) of 4,476.87 sqm and assuming an average size of 70 sqm, the site could potentially yield 63 new residential units upon redevelopment. The Land Transport Authority (LTA) has confirmed that a Pre-Application Feasibility Study (PAFS) on traffic impact will not be required for the site.
The immediate vicinity is predominantly surrounded by Good Class Bungalows, landed homes and condominiums. Schools like Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road) and Singapore Chinese Girls’ Primary, and Secondary Schools are located within 1 km from the development.
The site is located between Newton MRT Station and Novena MRT Station and is near malls such as Balmoral Plaza, Newton Food Centre, United Square and Novena Square. Facilities like Mt. Elizabeth Hospital, Mt. Elizabeth Novena Hospital, Tan Tock Seng Hospital and KK Women’s & Children’s Hospital are a short drive away.
It is connected to major arterial roads and expressways such as the Central Expressway (CTE), Pan-Island Expressway (PIE), Bukit Timah Road, and Dunearn Road. The site is a 15-minute drive to the Central Business District and approximately 20 minutes’ drive to Changi International Airport.
The tender for Chancery Esquire will close on 2 August 2018, Thursday at 3 p.m.
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