Business

Dunearn Gardens up for collective sale

Dunearn Gardens, a rare freehold high-rise residential redevelopment site off Newton Road, has been put up for collective sale.

The owners of the 114-unit estate expect offers above their reserve price of $488.8 million, said Knight Frank Singapore, the exclusive marketing agent.

Including an additional development charge of $35.7 million payable to intensify the use of the site to the maximum permissible gross floor area (GFA), the land rate is estimated to be $1,962 per square foot per plot ratio (psf ppr).

With the inclusion of a 10 per cent bonus balcony GFA, the land rate will work out to $1,861 psf ppr, subject to the authorities' approval.

Mr Ian Loh, Knight Frank Singapore's executive director and head of investment and capital markets, noted that there has been a pick-up in interest from home buyers in the high-end residential market.

"With the current limited supply of new luxury residential projects, we believe demand will surpass availability.

"Coupled with the positive attributes of the site, the new development will likely be highly sought after by end users," he said

The site is regular in shape with 90 metres' frontage onto Dunearn Road. The tender for Dunearn Gardens will close on Feb 13 at 3.30pm.

Property