Last Prime Residential Development Site in Newton-Scotts Area, Singapore for Sale by Tender
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Last Prime Residential Development Site in Newton-Scotts Area, Singapore for Sale by Tender
CB Richard Ellis is pleased to announce the launch of public tender for Dunearn Gardens. 96 units of the 114 units, representing 83.39% of the share values, have signed the Collective Sale Agreement (CSA).
Singapore (PRWEB) October 31, 2007 -- The premier freehold residential development site is located along Dunearn Road, close to Scotts Road. It sits on 8,866.8 square meters (approximately 95,443 square feet) of prime land and boasts panoramic views of Orchard Road and the Central Business District.
The guide price is $578.5 million, which equates to about $2,288 per square foot per plot ratio, inclusive of a Development Charge estimated to be $32.9 million.
Under the Master Plan 2003, the maximum permissible plot ratio is 2.8 with a height restriction of 117 meter AMSL (approximately 33 storeys). Developers can also further utilize the additional 10% Gross Floor Area allowable for the provision of balconies, subject to the payment of Development Charge.
Dunearn Gardens was completed in 1992. There are 12 two-bedroom (807 - 828 square feet) apartments, 64 three-bedroom (1,227 - 1,248 square feet) apartments, 34 four-bedroom (1,646 - 1,668 square feet) apartments and 4 penthouses (2,443 square feet and 3,293 square feet) presently on the site.
Based on the $578.5 million guide price, owners can receive approximately $3.42 - $9.29 million depending on their unit types and sizes. The developer can build about 134 units assuming an average size of 2,000 square feet each.
The estimated breakeven is in the region of $2,900 per square foot.
"The Newton area has always been well sought-after amongst homebuyers and investors due to its excellent location and good schools nearby. With Newton MRT station slated to be the "interchange hub" for the upcoming Downtown Line, we expect housing demand to grow more strongly.
Moreover, with Elmira Heights and Gilstead View being sold via en-bloc earlier this year, Dunearn Gardens remains the last and only available large residential site in the locality," said Jeremy Lake, Executive Director of Investment Properties.
The Tender Exercise closes at 3 p.m. on 28 November 2007.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 * employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. In 2007, CB Richard Ellis was named one of the 50 "best in class" companies by BusinessWeek, and one of the 100 fastest growing companies by Fortune. Please visit our Web site at http://www.cbre.com.sg
* Excludes 4000 affiliates
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Press Contact: Chan Yee Yin
Company Name: CB Richard Ellis (Singapore)
Email: Email Us Here: http://www.prweb.com/emailmember.php?prid=565254
Phone: +65 6326 1252
Website: http://www.cbre.com.sg
More Information: http://www.prweb.com//releases/2007/10/prweb565254.htm
