Sutton Place up for collective sale at $285m
It will be sold by way of a public tender.
Sutton Place has been put up for collective sale with an indicative price of $285m. It will be sold by way of public tender.
According to Colliers, the indicative price and the development chargeable payable of about $20.89m, translates to a land price of $2,052 per sq ft per plot ratio.
The five-storey residential development is located in District 10 at 24, 26, & 28 Farrer Road, and comprises 44 units.
The development sits on an elevated and regular-shaped freehold site measuring approximately 93,183 sq ft (8,657 sq m) and zoned for “residential” use under the URA’s Draft Master Plan 2019.
The subject site has a development baseline of approximately 130,201 sq ft (12,096 sq m), or about 87% of the allowable gross floor area, which will buffer any increase in development charge rates for prospective developers, according to Colliers.
“In addition, with the 7% bonus GFA under the Balcony Incentive Scheme, prospective developers could increase the gross floor area to approximately 159,531 sq ft (14,820.78 sq m). After adding the additional development charge payable of about S$32,424,930 to intensify the overall GFA, the land price will be further reduced to S$1,990 per sq ft per plot ratio,” added Colliers.
The public tender for the site will close on 15 September at 3 pm.