Chancery Court sold en bloc for $401.78m

Chancery Court, a privatised Housing and Urban Development Company estate across Anglo-Chinese School (Barker Road), has fetched $401.78 million in a collective sale tender, 6 per cent higher than its reserve price, marketing agent OrangeTee Advisory said yesterday.

The buyer is thought to be Far East Organization.

The winning bid for the Dunearn Road site translates to a land price of about $1,610 per sq ft per plot ratio (psf ppr), after factoring in a differential premium and lease upgrading premium of some $182.4 million.

This is to redevelop the site to a gross plot ratio of 1.4, based on the maximum permissible gross floor area of 362,788 sq ft, and to top up the lease to a fresh 99 years.

The estate comprises a 16-storey tower block and seven blocks of four-storey walk-up maisonettes on a site area of about 259,134 sq ft.

The owners of the 136 apartments and eight commercial units stand to receive gross sale proceeds of $1.8 million to $3.5 million and $934,000 to $4.7 million respectively.

The 99-year leasehold site in prime District 11 is a five-minute walk from Newton MRT station, near landed estates, good class bungalows, St Joseph's Institution Junior and Singapore Chinese Girls' School.

Subject to approval, the site can be redeveloped into a five-storey residential development, with a maximum of 481 units, based on an average size of 70 sq m, said OrangeTee Advisory.

"A pre-application feasibility study on traffic impact was commissioned by us and it has provided certainty to developers during the bidding process," it said. - THE STRAITS TIMES