SINGAPORE - The freehold Derby Court development in Novena goes up for collective sale today with a price tag of $68.3 million.
The 35-year old condominium has an indicative price tag of $68.3 million, which works out to $1,286 per sq ft (psf) per plot ratio (ppr), based on a gross floor area of 53,094 sq ft, said its broker Savills in a statement.
The new development can have an extra gross floor area of up to 10 per cent for balconies. Based on this, the price will work out to $1,169 psf ppr.
“Sites with an absolute price quantum of less than $70 million for a high-rise 36-storey development are few and far between,” said Ms Suzie Mok, senior director of investment sales at Savills Singapore.
“This is a sweet spot to boutique developers in the present market.”
The 12-storey project in Derbyshire Road comprises 20 units and is near the Novena MRT station and shopping malls such as United Square, Velocity@Novena Square and Square 2.
Owners of the 18 four-bedders, each spanning 1,991 sq ft, can expect to receive about $3.1 million in proceeds, while owners of the two maisonette penthouses, measuring 3,897 sq ft each, can expect about $6 million.
The residential site has a plot ratio of 2.8, but the existing development has been built up to a plot ratio of 2.869, after approvals were obtained from the Urban Redevelopment Authority. As a result, the developer will not have to pay development charges to intensify the use of the site, said Ms Mok.
It can accommodate up to 70 units about 753 sq ft each, with a breakeven cost of about $1,700 psf.
The tender closes on Jan 20.