The owners of Chancery Esquire have launched a tender for the collective sale of their property with $86.6m as reserve price.
The freehold residential site is located on Chancery Lane and is being marketed by Knight Frank Singapore.
Chancery Esquire is a private residential complex that includes 31 apartments that are sized between 84 sqm and 158 sqm encompassing a total area of 29,022 square ft (2,696.3 sqm).
It has 50 meters frontage into the Chancery Lane. Taking the reserve price into account the land rate works out to be $1,797 psf ppr.
As per 2014 Master Plan the site has been zoned for Residential use and has a 1.4 Gross Plot Ratio.
According to the marketing agents existing GFA of 4,476.87 sqm has the potential to yield 63 residential units 70 sqm in average size upon redevelopment.
According to the Land Transport Authority (LTA), the site doesn’t require a Pre-Application Feasibility Study (PAFS) with respect to its impact on traffic.
Chancery Court, a former HUDC happen to be Chancery Esquire neighbour which sold en bloc recently in May at S$401.78 million.
Chancery Esquire is located at 8 Chancery Lane, prime district 11 Singapore, one of the hottest en bloc zone. Since the rage of en bloc fever started in 2017, there are over 6 enbloc sites sold in this area.
The freehold site is advantageously located having Good Class Bungalows in its vicinity along with condos and landed residential sites.
There are several educational institutions nearby within a radius of 1 kilometre including Singapore Chinese Girls’ Primary and Secondary School, Anglo-Chinese School (Barker Road) and Anglo-Chinese School (Primary).
In terms of connectivity the site is located between Novena MRT Station and Newton MRT Station.
It is easily accessible by the Pan-Island Expressway (PIE), Central Expressway (CTE), Dunearn Road and the Bukit Timah Road.
It is only 15 odd minutes’ drive from the Central Business District and 20 minutes from Changi International Airport.
It has malls like Novena Square, United Square, Balmoral Plaza and Newton Food Centre only short drive away.
Also located nearby are the Tan Tock Seng Hospital, Mt. Elizabeth Novena Hospital, KK Women’s & Children’s Hospital and the Mt. Elizabeth Hospital.
Chancery Esquire’s tender closes on 2nd of August 2018 at 3 p.m.