Business

Dunearn Gardens sold for $468m

Newton Road residential development sold for $468m

The collective sale frenzy continues unabated as Dunearn Gardens, a 114-unit freehold residential development located off Newton Road, becomes the latest to be sold, on its third attempt.

The sale was made to a fully owned subsidiary of EL Development - the property arm of building firm Evan Lim Group - for $468 million.

Dunearn Gardens comprises three residential blocks, with apartment units ranging from 75 to 306 sq m. Surrounded by Good Glass Bungalows, landed homes, high-rise condominiums and a 150m walk away from Newton MRT station, it has a site area of 8,866.9 sq m, or 95,442 sq ft.

Each apartment owner will stand to receive a gross sale price of about $2.69 million to $7.98 million, said property consultancy Knight Frank in a news release.

EL Development is expected to incur a development charge of about $43.6 million to redevelop the site to a gross plot ratio of 2.8, based on the maximum permissible gross floor area of about 267,239 sq ft.

The sale price translates to a land price of about $1,914 per sq ft per plot ratio (psf ppr), said Knight Frank.

Including a 10 per cent bonus balcony, which would raise the proposed plot ratio to 3.08, the land price would be about $1,841 psf ppr, though this is subject to the authorities' approval, it added.

EL Development managing director Lim Yew Soon said the group intends to redevelop the site into a 34-storey luxury condominium comprising 348 units which have between one and four bedrooms.

Mr Ian Loh, executive director of Knight Frank and head of investment and capital markets, said the new high-rise development will enjoy unobstructed views of the city.

Mr Petras Tsui, deputy chairman of the Dunearn Gardens collective sale committee, said he appreciated the strong support from fellow owners, consultants and lawyers along the way.

EL Development had in January also acquired Singtel's Hill Street site for $118 million, which it is planning to develop into a mid- to high-end business hotel with more than 300 rooms. - ADDITIONAL REPORTING BY LYNETTE KHOO

Property