Each owner will receive about $2.91 million to $3.12 million from the sale. (Photo: Knight Frank)
The en bloc market continues to roll with the sale of Dunearn Court to RH Central, a subsidiary of Roxy-Pacific Holdings, for $36.3 million.
This is slightly lower than the guide price of $38.8 million when it was launched for tender by marketing agent Knight Frank in July.
Each owner will receive about $2.91 million to $3.12 million upon completion of the sale.
Located off Dunearn Road in District 11, the freehold Dunearn Court – completed in 1993 – comprises 12 apartments and sits on an approximately 19,203 sq ft site.
The sale price translates to a land rate of about $1,371 psf per plot ratio, inclusive of a development charge of $550,000 to redevelop the site to a gross plot ratio of 1.4 under the 2014 Master Plan.
The site is within walking distance from the Tan Kah Kee and Botanic Garden MRT stations on the Downtown Line as well as established schools.
“The new development could potentially yield 33 new residential units of 70 sq m (753 sq ft) on site,” said Ian Loh, executive director and head of investment & capital markets at Knight Frank.
“The new project will cater to a wide variety of buyers, given its strong locational offering.”
Knight Frank has concluded three collective sales to date this year: One Tree Hill Gardens near Orchard Road for $65 million, Rio Casa in Hougang for $575 million, and Normanton Park for $830.1 million.
On Monday, the agency launched the nearby Mayfair Gardens for sale at $265 million.