Chancery Court has launched its collective sale by tender with an asking price of $390 million.
A successful sale will further trim Singapore’s 18 former HUDC estates to just five.
Chancery Court, which sits on a 99-year leasehold site in Dunearn Road, has an enviable location: a five-minute walk from Newton MRT station and within 1km of popular primary schools such as Anglo-Chinese School (Primary), Anglo-Chinese School (Junior) and St Joseph’s Institution Junior.
The development comprises 136 apartments and eight commercial units spread over one tower block and seven blocks of four-storey walk-up maisonettes.
The site has a land area of 259,134 sq ft, and is zoned residential with a gross plot ratio of 1.4 under the 2014 Master Plan.
A redevelopment of the site could potentially yield up to 480 units, averaging 750 sq ft in size, said its sole marketing agent OrangeTee Advisory.
The site is subject to the Pre-Application Feasibility Study (PAFS) on traffic impact. A traffic consultant has been commissioned to undertake the study, said OrangeTee.
After including an estimated differential premium of about $180 million to the Government to top up the lease from about 62 years to a fresh 99 years and the intensification of the site to a gross plot ratio of 1.4, the asking price works out to a land rate of $1,572 psf per plot ratio, which OrangeTee executive director Alex Oh said “is comparatively attractive in relation to recent land sales nearby”.
The firm’s managing director Marcus Oh added: “To give more certainty to developers, we took the initiative to undertake the PAFS and would expect the advisory on the maximum dwelling units from the authority before the tender closes.
“With this, developers will be able to conduct the redevelopment feasibility with peace of mind.”
Twelve former HUDC estates have been sold to developers, with five of the deals – Rio Casa, Serangoon Ville, Eunosville, Tampines Court and Florence Regency – done last year, the most in any one year. The remaining five – Ivory Heights, Pine Grove, Laguna Park, Braddell View and Lakeview – are at various stages of the collective sale process.
The tender for Chancery Court closes on May 15.