Freehold Sutton Place launches $285 mil collective sale bid
Freehold Sutton Place launches $285 mil collective sale bid. Owners of the 44 units at Sutton Place in Farrer Road have begun a collective selling procedure for the freehold building. Colliers will handle the transaction’s marketing, and the property will likely sell for around $285 million.
Sutton Place, a five-story residential building with 44 units, is located in the upscale District 10 area. The structure is located on a raised 93,183 square foot plot of ground. The land is zoned residential with a maximum gross plot ratio of 1.6, as per the most recent Master Plan. The site, according to Colliers, has a development baseline of 130,201 square feet, or roughly 87% of the permitted gross floor area (GFA), which will shield potential developers from rises in development charge rates.
Tang Wei Leng, managing director and head of capital markets & investment services, Singapore at Colliers, states that the land price will be $2,052 psf per plot ratio or ppr based on the suggested price of S$285 million and the development charge payable of about $20,886,880. She continues by saying that the next owner might turn the property into a residential development with 162 units, each with a minimum size of 915 square feet. Colliers has indicated that if it is converted into a 162-unit development, the LTA will not require a pre-application feasibility assessment.
Furthermore, prospective developers could increase the GFA to around 159,531 sq ft by utilizing the 7% bonus GFA provided by the balcony incentive program. According to Tang, the land price will be further reduced to $1,990 psf ppr once the additional development charge of about $32.4 million is included in order to intensify the entire GFA. Along with being close to the popular Holland Village neighborhood, Sutton Place is surrounded by a number of affluent bungalow neighborhoods and other elite residential districts in the Farrer Road area.
Schools close by in the area include Raffles Girls’ Primary School, National Junior College, Hwa Chong Institution, and Nanyang Primary School. In the meanwhile, Dempsey Hill and the adjoining Holland Village both have facilities. Connectivity to other areas of Singapore is provided by the Farrer Road MRT Station on the Circle Line and the Ayer-Rajah Expressway.
Several new projects in the neighborhood that are being redeveloped as a consequence of a collective sale are close to Sutton Place. The former Tulip Garden is located across the street from Sutton Place, and Colliers handled the sale there in 2018 for $906.8 million. Leedon Green is being constructed there.
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