Colliers is pleased to offer another development site opportunity at 24, 26 & 28 Farrer Road, following the successful collective sale of Tulip Garden in the same locality.
Singapore, August 10, 2022 – Leading professional services and investment management firm Colliers (NASDAQ and TSX: CIGI) has today, launched a collective sale for Sutton Place by way of a public tender. The subject development is located in the highly coveted District 10 at 24, 26 & 28 Farrer Road.
Sutton Place, a 5-storey residential development comprising 44 units is sitting on an elevated and regular-shaped freehold site measuring approximately 93,183 sq ft (8,657 sq m). According to URA’s Draft Master Plan 2019, the site is zoned for “Residential” use and has an allowable gross plot ratio of 1.6.
The indicative price for 24, 26 & 28 Farrer Road is S$285 million.
Ms Tang Wei Leng (邓慧玲), Managing Director and Head of Capital Markets & Investment Services, Singapore at Colliers says, “Colliers is excited to offer developers another freehold residential development site opportunity, following our success in 2019 with Tulip Garden -presently being redeveloped as Leedon Green. Located right across Leedon Green, Sutton Place which is perched on higher ground, has a smaller site area and is deemed a more exclusive location.”
Ms Tang comments, “Given the tight supply of well-located apartments in the prime districts and the continued strong demand coming from both locals and foreigners, this site offers developers the opportunity to conceptualise living spaces that cater to the changing preference of home owners/residents in a post-pandemic environment. We anticipate the median price of new apartments in the Farrer/Holland Road locality to cross S$3,000 per sq ft in the next 1 to 2 years, which is an increase of more than 10 per cent from current prices.”
The subject site has a development baseline of approximately 130,201 sq ft (12,096 sq m), or about 87% of the allowable gross floor area, which will buffer any increase in development charge rates for prospective developers.
“Based on the indicative price of S$285 million and a development charge payable of about S$20,886,880, this will translate to a land price of S$2,052 per sq ft per plot ratio. Subject to approvals from the relevant authorities, the successful buyer can redevelop the site to accommodate approximately 162 apartment units at minimum unit size of 915 sq ft (85 sq m). LTA has confirmed that a Pre-Application Feasibility Study (PAFS) is not required for Sutton Place based on 162 units, subject to fulfilment of some conditions.
“In addition, with the 7% bonus GFA under the Balcony Incentive Scheme, prospective developers could increase the gross floor area to approximately 159,531 sq ft (14,820.78 sq m). After adding the additional development charge payable of about S$32,424,930 to intensify the overall GFA, the land price will be further reduced to S$1,990 per sq ft per plot ratio,” adds Ms Tang.
Nestled in an affluent district at the fringe of a Good Class Bungalow (GCB) area, the development site is away from major through roads, which provides a true sense of tranquillity to future homeowners. Prestigious education institutions such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution and National Junior College are within 1-2km radius of the subject site. An array of dining, shopping and entertainment options can also be found at the nearby Holland Village, Dempsey Hill and Singapore Botanic Gardens.
The Farrer Road MRT station on the Circle Line is just a 10-minute walk from the subject site and the nearby Pan-Island and Ayer-Rajah Expressways provide easy connectivity to other parts of Singapore.
The public tender for the subject site closes on Thursday, 15 September 2022, at 3pm.