Farrer Road’s Sutton Place up for en bloc sale at S$285m
Farrer Road’s Sutton Place up for en bloc sale at S$285m. The freehold Sutton Place at 24, 26, and 28 Farrer Road in upscale District 10 has a suggested price of S$285 million. Sutton Place is a five-story, 44-unit residential project with a 93,183 square foot lot that is being marketed by Colliers (sq ft).
The land is zoned for residential use and has a permitted gross plot ratio of 1.6, according to the Urban Redevelopment Authority’s (URA) Draft Master Plan 2019. The development baseline there is around 130,201 square feet, or 87% of the permitted gross floor area (GFA), according to Colliers, which “would buffer any increase in development charge rates for prospective developers.” This translates into a land price of S$2,052 per square foot per plot ratio based on the indicative price of S$285 million and a development charge payable of about S$20.89 million (psf ppr).
Subject to receiving the necessary clearances from the appropriate authorities, Colliers states that the successful buyer can reconstruct the land to house approximately 162 units with a minimum size of 915 square feet. Subject to a few requirements being met, it claims that the Land Transport Authority has indicated that a pre-application feasibility study is not necessary for Sutton Place based on 162 units. The additional balcony area would allow potential developers to increase the GFA to around 159,531 square feet. After adding the additional development charge payment of about S$32.42 million to increase the overall GFA, the land price will be further reduced to S$1,990 psf ppr, according to Colliers.
The adjacent Tulip Garden was successfully sold together by Colliers in 2019 for S$906.9 million. That property is now Leedon Green. The most recent transacted prices at the freehold project range between S$2,500 and S$3,000 per square foot, according to URA Realis statistics. According to Tang Wei Leng, managing director of Colliers and head of capital markets and investment services, Sutton Place is considered to be in a more exclusive location because it is directly across the street from Leedon Green, is on higher ground, has a smaller site area, and is located on a smaller parcel of land. According to Tang, there is a limited supply of well-located apartments in the prime districts. “We predict the median price of new apartments in the Farrer/Holland Road locality to reach S$3,000 psf in the next 1 to 2 years, which is an increase of more than 10% from present pricing,” Tang added.
Schools including Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College are located on the edges of a Good Class Bungalow Area within a 2-kilometer radius of Sutton Place. The Pan Island Expressway and the Ayer Rajah Expressway are nearby, and it takes 10 minutes to walk to the Farrer Road MRT station. There are numerous places to eat, shop, and have fun in the nearby Holland Village, Dempsey Hill, and Singapore Botanic Gardens.
The deadline for the Sutton Place tender process is September 15 at 3 p.m.
Click the image to read the full details of report or at this link: