The Business Times, 10 Aug 2022, Weds 4:35 PM

By Corrine Kerk

FREEHOLD Sutton Place at 24, 26 and 28 Farrer Road in prime District 10 has been put up for collective sale via public tender at an indicative price of S$285 million.

Marketed by Colliers, Sutton Place is a 5-storey residential development comprising 44 units on a site measuring about 93,183 square feet (sq ft).

According to the Urban Redevelopment Authority’s (URA) Draft Master Plan 2019, the site is zoned for residential use and has an allowable gross plot ratio of 1.6. It has a development baseline of approximately 130,201 sq ft, or about 87 per cent of the allowable gross floor area (GFA), which Colliers says “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$20.89 million, this will translate into a land price of S$2,052 per square foot per plot ratio (psf ppr).

Colliers says the successful buyer can redevelop the site to accommodate about 162 apartments at a minimum size of 915 sq ft, subject to approvals from the relevant authorities. It says the Land Transport Authority has confirmed that a pre-application feasibility study is not required for Sutton Place based on 162 units, subject to the fulfilment of some conditions.

In addition, inclusive of bonus balcony area, prospective developers could increase the GFA to approximately 159,531 sq ft. After adding the additional development charge payable of about S$32.42 million to intensify the overall GFA, the land price will be further reduced to S$1,990 psf ppr, added Colliers.

In 2019, Colliers also successfully completed the collective sale of the nearby Tulip Garden for S$906.9 million, now being redeveloped as Leedon Green. Data from URA Realis shows that latest transacted prices at the freehold project are in the range of about S$2,500 to S$3,000 psf.

Tang Wei Leng, Colliers’ managing director and head of capital markets and investment services noted that Sutton Place is located right across the road from Leedon Green, is on higher ground, has a smaller site area and “is deemed a more exclusive location”.

“We anticipate the median price of new apartments in the Farrer/Holland Road locality to cross S$3,000 psf in the next 1 to 2 years, which is an increase of more than 10 per cent from current prices,” said Tang, adding that there is tight supply of well-located apartments in the prime districts.

Located at the fringe of a Good Class Bungalow Area, schools such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution and National Junior College are within a 2-kilometre radius of Sutton Place.

The Farrer Road MRT station is a 10-minute walk away, with the Pan Island Expressway and Ayer Rajah Expressway also easily accessible. Dining, shopping and entertainment options are at the nearby Holland Village, Dempsey Hill and Singapore Botanic Gardens.

The tender exercise for Sutton Place closes on Sep 15 at 3 pm.

Source: https://www.businesstimes.com.sg/real-estate/farrer-roads-sutton-place-up-for-en-bloc-sale-at-s285m