It can be redeveloped into a five-storey residential development with a maximum of 481 units.
Chancery Court, a privatised HUDC estate located in prime District 11, has been sold collectively for $401.777m, OrangeTee Advisory announced. The sale price is about 6% higher than the reserve price.
According to an announcement, the land rate of $1,610 psf ppr includes a differential premium and lease upgrading premium of approximately $182.4m to redevelop the site to a gross plot ratio (GPR) of 1.4 based on the maximum permissible Gross Floor Area (GFA) of approximately 362,788 sqft and to top up the lease to a fresh 99 years.
The residential and commercial owners will stand to receive a gross sale price of approximately $1.8m to $3.5m and $934,000 to $4.7m respectively upon a successful sale.
Chancery Court consists of 136 residential units and eight commercial units. It has a 16-storey tower block and 7 blocks of 4-storey walk-up maisonettes on a site area of approximately 259,134 sqft.
Chancery Court is within 1km to many reputable schools in District 11 and less than 10 minutes’ walk to the Newton MRT Interchange. It is also easily accessible to other parts of the island via Pan Island Expressway (PIE) and Central Expressway (CTE).
OrangeTee Advisory commented, “Subject to authorities’ approval, the site can be redeveloped into a five-storey residential development with a maximum of 481 units, based on average size of 70 sqm.pre-application feasibility study on traffic impact (PAFS) was commissioned by us and it has provided certainty to developers during the bidding process. The recent collective sale sites sold along Bukit Timah Road, Dunearn Road and Balmoral Road have exhibited developers’ confidence in the locality and the rarity would enhance its desirability to the end users and investors. We are certain that the redevelopment of Chancery Court will value add to the impending rejuvenation of the area.”
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