SINGAPORE - Dunearn Court, a 12-unit freehold development in prime District 11, has been sold to a unit of Roxy-Pacific for $36.3 million, while Mayfair Gardens, a residential redevelopment site off Dunearn Road in Bukit Timah, has been put up for collective sale.
Roxy-Pacific Holdings unit, RH Central, has acquired the 19,203 sq ft site, which is zoned residential with a gross plot ratio of 1.4.
The sale price, with a development charge of about $550,000 to redevelop the 19,203 sq ft site to a gross plot ratio (GPR) of 1.4, translates to a land price of about $1,371 per square foot per plot ratio (psf ppr).
Each owner will stand to receive about $2.91 million to $3.12 million, which works out to about $2,004 psf to $2,140 psf, upon completion of the sale.
"The new development could potentially yield 35 new residential units of 70 sq m each on site. It is situated within 500 metres from Tan Kah Kee MRT station and Botanic Garden MRT station, close to the Singapore Botanic Gardens and schools including Nanyang Primary School and Nanyang Girls' High School," Mr Ian Loh, executive director and head of investment & capital markets at Knight Frank, said.
The acquisition will be financed by internal funds and bank borrowings and is not expected to affect the group's consolidated earnings and net tangible assets per share for the current financial year ending Dec 31.
Meanwhile, the 124-unit Mayfair Gardens was launched for collective sale yesterday with a reserve price of $265 million.