Sutton Place relaunched for sale at $285m
The public tender for the property will close on 9 March at 3 pm.
Sutton Place in District 10 at 24, 26 & 28 Farrer Road has been launched for collective sale anew via public tender for a guide price of $285m.
The property’s marketing agent, Colliers, first launched the five-storey and 44-unit residential development for collective sale last August 2022 with the same guide price.
The public tender will close on 9 March at 3 pm.
Sutton Place has a land area of 93,183 sq ft (8,657 sq m). Factoring a land betterment charge payable of approximately S$22,729,840, its land price will be $2,064 per sq ft per plot ratio.
“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 provide some buffer on the land betterment charge payable by the successful tenderer,” Colliers said.
“Factoring in the 7% bonus for balconies, the gross floor area will increase to approximately 159,531 sq ft (14,820.78 sq m), which will further reduce the land price to S$2,007 per sq ft per plot ratio,” Colliers added.
The site can be redeveloped to accommodate approximately 162 apartment units at a minimum unit size of 915 sq ft (85 sq m).
“Subject to the fulfilment of certain conditions, the Land Transport Authority has confirmed that a Pre-Application Feasibility Study (PAFS) is not required for Sutton Place based on 162 units,” Colliers said.
Workplace 3.0: Transforming work environments to support innovation and meaningful work
The race to gender equity for Asia’s startups
How Many Apps Does It Take to Change a Workplace?
In an era of zero-sum thinking, business leaders must unlock a mutually beneficial future
Diversifying your portfolio: Alternative investments in Singapore to consider in a low-interest rate environment
Navigating the digital future: A closer look at Singapore Budget 2023 measures in view of the rapidly changing workplace