Owners of Sutton Place relaunch collective sale at $285 mil
By Timothy Tay
/ EdgeProp Singapore |
. (Picture: Colliers)Sutton Place is a five-storey development with 44 units. The site has a development baseline of about 130,201 sq ft. (Picture: Coliers)
SINGAPORE (EDGEPROP) - The owners of Sutton Place, a freehold development on Farrer Road, have relaunched the collective sale tender of the development, keeping the previous guide price of $285 million. The last collective sale attempt by the owners ended in September last year with no successful bids.
According to a press release from the marketing agent, Colliers, the development has a land area of 93,183 sq ft. Factoring a payable land betterment charge of about $22.73 million, the guide price translates to a land price of $2,064 psf per plot ratio (ppr).
Sutton Place is a five-storey development with 44 units. The site has a development baseline of about 130,201 sq ft, or about 87% of the gross floor area (GFA), which will provide some buffer on the land betterment charge payable by the successful tenderer, says Colliers. “Factoring in the 7% bonus for balconies, the GFA will increase to approximately 159,531 sq ft, which will further reduce the land price to $2,007 psf ppr.”
Thus, a prospective buyer has the option to redevelop the site into a 162-unit project, with each unit having a minimum size of 915 sq ft.
If Sutton Place is sold for $285 million, EdgeProp's Landlens analytics tool estimates the redevelopment could have a selling price of about $3,170 psf.
“Upcoming launches in the Core Central Region are estimated at just around 22% of the total new launches in 2023, making such freehold projects in prime locations and near to reputable schools even harder to come by,” says Tang Wei Leng, managing director and head of capital markets and investment services, Singapore at Colliers.
Don't miss out to check out the hottest new launch condo and new landed property in Singapore
Sutton Place is surrounded by several Good Class Bungalow areas such as Gallop Road/Wollerton Park, Cornwall Gardens, and Holland Park. Nearby schools include Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College.
She adds that the proposed redevelopment comprising 162 units, coupled with an asking price of less than $300 million is “digestible and reduces the risks for developers. Developers have the option to position it as an exclusive development by building bigger units”.
The public tender for the collective sale of Sutton Place closes on March 9.
Check out the latest listings near Sutton Place, Gallop Road, Cornwall Gardens, Holland Park, Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, National Junior College
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