A private residential estate comprising three adjoining blocks of 114 apartment units along Newton Road is now up for sale by tender.
According to Knight Frank Singapore, Dunearn Gardens is a rare freehold high-rise residential redevelopment site zoned as residential under the 2014 Master Plan.
The site has a redevelopment potential to reach up to a maximum permissible Gross Floor Area (GFA) of roughly 267,239 square feet, translating to a potential yield of 354 new residential units with an average size of 70 square meters.
The owners of the site are expecting offers above their reserve price of S$488.8 million. An additional charge of around S$35.7 million will be payable to the State for the identification of the site to the maximum permissible GFA.
Knight Frank Singapore sold the land to Korakuen Amusement Development in the late 1980s. Knight Frank Singapore executive director Ian Loh said this is one of the last freehold high-rise residential redevelopment sites within 100 meters from Newton MRT station, which is now an interchange for both the North-South and Downtown MRT lines.
Additionally, the site is within the immediate vicinity of other private residential developments. There are a lot of established schools that surround the area, including the Anglo-Chinese School and St. Joseph's Institution Junior.
Loh said this site will likely be highly sought after be end users given the positive attributes of the site.
"We have also witnessed a pick-up in interest from home buyers in the high-end residential market. In 3Q17 alone, there were 1374 caveats in the Core Central Region (CCR) for both new sales and resale homes, a record high over the last 5 years. Based on URA data, the projected supply for properties in the CCR is less than 1,000 units per year from 2018 to 2020," Loh said.
The tender of Dunearn Gardens will close on February 13, 2018.