Sutton Place up for sale at $268 mil

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July 23, 2018 4:35 PM SGT
Freehold Sutton Place is up for sale (Credit: Knight Frank Singapore)
Sutton Place, a 44-unit freehold development off Farrer Road, is launched for collective sale by tender at a reserve price of $268 million. A development charge of approximately $17.88 million is payable for the development of the property, which translates into a land rate of approximately $1,917 psf per plot ratio. This is subject to confirmation from the relevant authorities, according to marketing agent Knight Frank.
A five-storey development, Sutton Place has a site area of about 93,185 sq ft. The site is regular and elevated. Under the 2014 Master Plan, the site is zoned “Residential” with an allowable plot ratio of 1.6. A pre-application feasibility study is not needed. It can be redeveloped into 198 apartment units with an average size of 753 sq ft, subject to URA approval.
Sutton Place is 500 metres from Farrer Road MRT station on the Circle Line, and is a 10 to 15 minutes’ drive to Orchard Road and the Central Business District.
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The development is also near schools such as Raffles Girls’ Primary School, Nanyang Girls’ High School, Anglo-Chinese School (International), Hwa Chong Institution and National Junior College.
“Despite recent cooling measures, the price quantum is still palatable and the potential for less than 200 units is a low-risk acquisition to developers,” says Ian Loh, executive director and head, investment and capital markets, Knight Frank Singapore.
The tender will close on September 6.