Dunearn Gardens sold for $468 million

By
/ EdgeProp Singapore
|
April 23, 2018 12:19 AM SGT
Dunearn Gardens located along Dunearn Road in prime District 11 was sold for $468 million to a fully-owned subsidiary of EL Development. The purchase price was $468 million, which translates to $1,914 psf per plot ratio (ppr).
The price includes a development charge of $43.6 million to redevelop the 95,442 sq ft site into a new residential project with a gross plot ratio of 2.8 and maximum gross floor area (GFA) of 267,239 sq ft. If a 10% bonus GFA for balcony space is included, the plot ratio will be 3.08, and the land price will then be $1,841 psf ppr, says Knight Frank, which brokered the sale.
This is Dunearn Garden's third collective sale attempt (Credit: Knight Frank)
This marked Dunearn Gardens’ third collective sale attempt. The sale price is also 4.26% below the reserve price of $488.8 million when the development was launched for tender on Jan 15. As the purchase price was below the reserve price, the collective sale committee had to get 80% of the owners to agree to the lower price. And they were able to get the consent before the end of the 10-week private treaty period which started from the date following the close of the tender on Feb 13.
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The existing Dunearn Gardens contains 114 units with sizes ranging from 807 sq ft to 3,294 sq ft. Hence, based on the transacted price of $468 million, each owner will receive gross proceeds ranging from $2.69 million to $7.98 million.
Lim Yew Soon, managing director of EL Development intends to redevelop the site into a new 34-storey luxury condominium with 348 units of one- to four-bedroom apartments.