SINGAPORE (EDGEPROP) - Owners of Surrey Point, a freehold residential development along Newton Road, have launched the property for collective sale at a guide price of $55 million.

The price works out to a land rate of about $1,661 psf per plot ratio, after factoring in additional balcony gross floor area (GFA).

As all of the owners have agreed to launch the collective sale for Surrey Point, an application to the Strata Titles Boards, which are tribunals set up to to mediate and hear applications between homeowners and management corporation, will not be required.

Based on the site area of 11,977 sq ft, the maximum permissible GFA is about 35,882 sq ft, inclusive of the additional 7% bonus GFA for balconies, says SRI Capital Market, which is marketing the property.

Located in District 11, the 10-storey apartment comprises nine residential units and is at the junction of Surrey Road and Newton Road. It is a nine-minute walk to Newton MRT Interchange Station on the North-South and Downtown Lines.

The land plot can potentially yield 36 units with an average size of 85 sq m (915 sq ft), says SRI. The site may also be ideal to be converted into serviced apartments or developed as co-living apartments, it adds.

Surrey Point is also near amenities such as Novena Square, United Square, Royal Square, Goldhill Shopping Centre and Novena Medical Hub.

Schools within proximity include Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), St Joseph’s Institution Junior, Singapore Chinese Girls’ School and St Margaret’s Primary.

The tender exercise for Surrey Point will close on Feb 9 at 3pm.

Check out the latest listings near Surrey Point, District 11, Newton MRT Interchange Station, Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), Singapore Chinese Girls’ School