It’s only a matter of time before the suitable buyer of this private housing developments, Derby Court would come knocking. The day finally came on the 12th of December. After two botched collective sale efforts, the respective brokers jubilantly announced on Wednesday that this freehold site has finally been sold.
For the Derby Court Owners, the wait is over.
The bid for Derby Court was won by a subsidiary of Roxy-Pacific Holdings. RH Development Pte Ltd. will acquire the asset at a price of S$73.88 million.
Based on the disclosures of JLL, the duly authorized sales agent, the S$73.88 sale price of Derby Court was actually above the reserve price of S$62 million for the collective sale tender.
The property attracted seven bidders composed of domestic and international developers and funding groups. Broken down per owner, each can expect to receive gross sales proceeds from S$3.36 to S$6.65 million per unit.
Tan Hong Boon, JLL’s regional director, puts the land rate at about S$1,390 per sq ft (psf) per plot ratio (ppr) based on the “as-constructed” gross plot ratio of 2.872.
He added that since the development baseline is already high, the development charge is no longer applicable for any proposed redevelopment even with the additional bonus from the 10% balcony gross floor area (GFA).
The 2014 Master Plan confirms that the 18,506 sq ft site is situated in a residential zone bearing a gross plot ratio of 2.8. It points to an equivalent plot ratio of 2.872 when the GFA verification is about 53,153 sq ft.
The iconic structure along Derbyshire Road in the Novena area has a total of 20 units (18 apartments and two penthouses). Debry Court is very near two junior educational centres, St. Joseph’s Primary Institution and the Anglo-Chinese School.
JLL suggested the construction of a high-rise apartment building for a redevelopment plan. If the height control limit in the area is 99 metres above mean sea level (AMSL), then a maximum of 25 floors is possible.
- First of all is a Freehold site in District 11
- Developers or Buyers need not to pay Development charges
- Excellent connectivity. Derby Court Condo is surrounded by 3 MRT stations namely Novena, Farrer Park View and Newton Station. All these are walking distance from the condominium. Condo near MRT stations is easy to sell especially in Prime location
- Shopping and Dining. There are many Malls nearby such United Square Shopping Mall, Goldhill and Velocity. It only takes a few minute’s walk to these malls.
- Derby Court is near to Top and famous schools. St. Joseph’s Institution Junior is just opposite the condo. Anglo-Chinese School primary and Secondary also within the area. Excellent Schools are targeted by Home hunters especially families with children.
- The freehold property is very near to Medical Hub Novena where residents can get Top medical services and care.
- Best of All is the price, within Developers “Sweet Spot” (less than $100 million)
- Derby Court is simply one of the top property investment and one of the best en bloc site offer to the developers
With all these mentions above, surely it will catch developer’s eyes. Bidding War is expected.