Chancery Court on Dunearn Road which is a privatised HUDC estate, sitting opposite the Anglo-Chinese School on Barker road has been sold through en bloc sale for S$401.78 million, 6% up from its reserve price fixed at S$390 million, according to a statement issued on Thursday by Orange Tee Advisory who acted as the sole marketing agents.
The winning bidder for Chancery Court is paying about S$1,610 psf ppr, after accounting for lease upgrade premium and differential premium amounting to about S$182.4 million.
The property is to be redeveloped with a GPR of 1.4 on the basis of maximum GFA that is permissible, which is estimated at 362,788 square feet and the lease is to be topped up to a new 99-year lease.
Chancery Court presently comprises of a 16-storey tower block as well as seven blocks containing four-storey maisonettes on the site area of nearly 259,134 sq.ft.
Present owners of the property comprised under 8 commercial units and 136 apartments will receive between S$1.8 million and S$3.5 million (apartment owners) and S$934,000 to S$4.7 million (commercial unit owners).
Chancery Court in Prime District 11 is only 5 minutes walk from the Newton MRT station while other Good Class Bungalows and landed estates are just about 1 km from St Joseph’s Institution and about 2 kms from the Chinese Primary School for girls.
According to another statement from Orange Tee Advisory, subject to approval from the authorities, the site is fit to be redeveloped as a 5-storey residential development having 481 units on the basis of an average of 70 square meters per apartment.
A spokesperson from the firm also added that a traffic impact feasibility study was commissioned by them which has provided certainty to the developers during the process of bidding.
The spokesperson added further that recent activity in collective sale along Dunearn Road, Bukit Timah Road and Balmoral Road have instilled confidence among developers regarding this prime locality.
After concluding the sale of Chancery Court, only five from the erstwhile HUDC estates remain today and they are – Pine Grove, Ivory Heights, Laguna Park, Lakeview and Braddell View. All these five properties are also indifferent stages of the en bloc sale process.
The 37-yr old Chancery Court condominium in District 11, one of the prime districts in Singapore’s Core Central Region, has been put up for collective sale.
The owners of this 8-block property are asking for a minimum price of S$390 million, and the public tender closes on May 15.
Chancery Court is one among six properties formerly owned by HUDC that are yet to be sold en bloc, so if the current tender succeeds, there will be only five of those remaining.
Originally, HUDC properties managed as public estates were 18.
The site on which Chancery Court sits is 259,134 sq ft, and it is situated along Dunearn Road. It holds 144 units – 136 apartments and eight commercial units fitted within a tower block and seven 4-storey maisonettes – and it is on 99-yr leasehold.
Fortunately, it has potential to be redeveloped into a 480-unit property, the unit average being 750 sq ft.
This information was disclosed by the property marketing agent, OrangeTee Advisory.
The Chancery Court site is zoned residential in the 2014 Master Plan, and its gross plot ratio is 1.4.
As such, the successful developer can utilize a gross floor area (GFA) of up to 362,787.6 sq ft, resulting to a land rate of S$1,572 per sq ft per plot ratio (psf ppr).
This rate, according to Alex Oh, OrangeTee’s executive director, is attractive compared to the rates of other properties in the neighbourhood recently sold en bloc.
This is one of those properties that require a pre-application feasibility study (PAFS) to determine the development’s impact on traffic, and according to OrangeTee, a traffic consultant is already at work for that purpose.
OrangeTee’s managing director, Marcus Oh, added that the firm proactively commissioned the study so they can know before the close of the public tender the maximum housing units the site can legally hold.
This, he said, will put developers’ minds at ease as they tender their bids.
Besides Chancery Court being in a prime district, it is also well connected to other parts of the country. It has two active MRT stations within a kilometre distance, the NS21 Newton and the NS20 Novena.
For a property on sale, it is always alluring to have schools around, and for Chancery Court, there are three of them within a kilometre distance – the Anglo-Chinese Primary, Anglo-Chinese, Barker Rd and Anglo-Chinese Junior School, Newton.