The owners of Sutton Place, a freehold development off Farrer Road, have put the property up for collective sale by tender, with a reserve price of $268 million.
At that price, the land rate for the site works out to $1,917 per square foot per plot ratio, after factoring a development charge of about $17.88 million, which is subject to confirmation from the relevant authorities, said Knight Frank Singapore, its sole marketing agent.
Located 500m from Farrer Road MRT station, the five-storey development comprises 44 apartments on land measuring about 93,185 sq ft.
It is well connected to other parts of Singapore via Farrer Road, the Ayer Rajah Expressway and Pan-Island Expressway, said Knight Frank.
The site is zoned "residential" with an allowable plot ratio of 1.6, and will not require a pre-application feasibility study. Subject to approval from the Urban Redevelopment Authority, it can be redeveloped into a condominium with 198 apartment units averaging 753 sq ft, said Knight Frank.
The tender will close on Sept 6 at 3pm.
Price per square foot per plot ratio.