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Sutton Place off Farrer Road up for sale by tender with S$268m reserve price
FREEHOLD residential redevelopment site Sutton Place has been put up for sale by tender with a reserve price of S$268 million, Knight Frank Singapore announced on Monday.
Located 500 metres from Farrer Road MRT station, the five-storey development comprising 44 apartments sits on a site measuring about 93,185 square feet. It is well-connected to other parts of Singapore via Farrer Road, the Ayer Rajah Expressway and the Pan-Island Expressway.
The site is zoned "residential" under the Urban Redevelopment Authority's (URA) 2014 Master Plan, with an allowable plot ratio of 1.6, and will not require a pre-application feasibility study. Subject to approval from the URA, it can be redeveloped into a condominium with 198 apartment units averaging 753 sq ft, said Knight Frank, which is the sole marketing agent for the site.
The land rate is about S$1,917 per square foot per plot ratio, factoring in the reserve price and a development charge of about S$17.88 million, which is subject to confirmation from the relevant authorities.
The tender for Sutton Place will close on Thursday, Sept 6, 2018, at 3pm.
Said Ian Loh, executive director and head, investment and capital markets, Knight Frank Singapore: "Despite recent cooling measures, the price quantum is still palatable and the potential for less than 200 units is a low-risk acquisition to developers."