The purchase price is lower than the reserve price of $488.8 million. (Photo: Knight Frank)
Dunearn Gardens, a freehold condominium located off Newton Road, has been sold collectively to a wholly-owned subsidiary of EL Development for $468 million following its third en bloc attempt, marketing agent Knight Frank said on Monday (23 Apr).
The purchase price is lower than the reserve price of $488.8 million.
Including a development charge of about $43.6 million to redevelop the site to a gross plot ratio (GPR) of 2.8 based on the maximum gross floor area of approximately 267,239 sq ft, the land rate stands at $1,914 psf per plot ratio (psf ppr).
With the inclusion of a 10 percent bonus balcony space and a proposed GPR of 3.08, the land rate works out to $1,841 psf ppr, subject to the authorities’ approval.
Each owner could walk away with between $2.69 million and $7.98 million from the successful sale.
With a site area of approximately 95,442 sq ft, Dunearn Gardens is located close to Newton MRT interchange and various established schools. Completed in 1992, it comprises 114 units.
EL Development plans to redevelop the site into a 34-storey luxury condominium comprising 348 one- to four-bedroom units.
“The new high-rise development will enjoy unobstructed views towards the city. We believe the new development will appeal to owner-occupiers and investors given its choice location right at the city fringe,” said Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.
Knight Frank is also set to launch Kemaman Point for collective sale in early May. Completed in 1993, the freehold condo in Balestier comprises 89 units.