As owners of Mayfair Gardens prepare to sell their property en bloc, owners of Dunearn Court, a freehold site in District 11, are getting set to go banking, having successfully sold their property for S$36.3m.
This works out to S$1,371 psf ppr.
Every person who owns a unit among the 12 housing units that comprise Dunearn Court will receive a decent sum of money, between S$2.91 and S$3.12 million.
It is not surprising that Roxy-Pacific Holdings, the developer who bought Dunearn Court, was willing to take the property at such high rates, considering the site is within a prime area – District 11.
In addition, the site has great potential for redevelopment. According to Mr. Ian Loh, head of investment at Knight Frank, the site could yield up to 35 units measuring 70 sq m each. Knight Frank is Dunearn Court’s marketing agent.
Roxy-Pacific Holdings, whose focus is on the Asia-Pacific region, and whose investments are mainly in hotel and real estate, acquired Dunearn Court through its subsidiary in Singapore, RH Central.
Though it may appear as if the land rates are a little too high, at around S$1,371 per sq ft per plot ratio (psf ppr), the price the developer paid is not expected to put a dent on the company’s balance sheet.
The acquisition is being financed from the company’s own funds and also from bank borrowings, but that is not expected to significantly affect the group’s net assets for the year ending 31st December 2017.
Dunearn Court sits on a 19,203 sq ft site, and its gross plot ratio is 1.4. It is located very near Singapore Botanic Gardens, and within ½km of the Botanic Gardens as well as the Tan Kah Kee MRT stations. There are also good schools around, such as Nanyang Primary School and Nanyang Girls’ High School.