Sutton Place En Bloc Sale 2023 Instagram

Sutton Place En Bloc Sale Relaunched in 2023 – Freehold Prime D10 (CCR)

Sutton Place, which is at 24, 26, and 28 Farrer Road in the best part of Singapore’s district 10, will be put up for collective sale again with the same S$285 million reserve price.

The Farrer Road prime site’s most recent effort ended on September 15 of last year without a sale.

Sutton Place is now being offered for collective sale for the third time; the first effort was made in 2018 with a S$268 million reserve price.

The land price comes out to S$2,064 psf ppr based on the S$285 million reserve price and after accounting for a land betterment fee of around S$22.73 million, according to marketing agency Colliers.

The 44-unit, five-storey condominium is on a 93,183 square feet plot of land.

The freehold site has a development baseline of around 130,201 square feet, or about 87% of the allowed gross floor area (GFA), which will act as a buffer against the land improvement tax that the winning bidder will be required to pay.

The GFA will rise to around 159,531 square feet when the bonus balcony area of 7% is included, bringing the land price down to S$2,007 psf ppr.

According to Colliers, the successful bidder may redevelop the land to accommodate up to 162 units, each at least 915 square feet in size.

The Land Transport Authority determined that a pre-application feasibility study is not necessary for Sutton Place based on its 162 units; this, however, is subject to the fulfillment of some conditions.

According to Tang Wei Leng, managing director of Colliers and head of capital markets and investment services, with China’s reopening, she anticipates the possible return of wealthy Chinese purchasers wishing to invest or relocate to Singapore, creating a new source of demand.

She noted that the number of units and asking price of less than S$300 million are “digestible” and help lower developers’ risks.

“In particular, upcoming launches in the Core Central Region are estimated at around 22% of the total new launches in 2023, making such freehold projects in prime locations and near reputable schools even harder to come by,” she said.

Tang noted that by creating larger apartments to accommodate families, developers also have the ability to market the location as an exclusive property.

Within a two-kilometer radius of Sutton Place, schools including Hwa Chong Institution, Nanyang Primary, National Junior College, and Raffles Girls’ Primary are situated on the outskirts of a Good Class Bungalow Area.

It takes 10 minutes to walk to the Farrer Road MRT station, and both the Pan Island and Ayer Rajah expressways are nearby.

On March 9 at 3 p.m., the public bid for the Sutton Place en bloc site ends

Sutton Place Condo En Bloc All Details

  • Status: For Sale

  • Tenure: Freehold

  • Land Size: 93,183 sq ft

  • Total Units: 44

  • Plot Ratio: 1.6

  • Nearest MRT: Farrer Road

  • Address: 24, 26 and 28 Farrer Road

  • District: 10

  • Singapore Region: Core Central Region (CCR)

  • Marketing Agent: Colliers Singapore

  • Reserve Price: S$285 million

  • Tender Close: 9 March, 2023