Home / Home and Garden / Dunearn Gardens sold for $468 millions

Dunearn Gardens sold for $468 millions

Knight Frank is pleased to reveal that Dunearn Gardens, a 114-unit household development located off Newton Road, has been marketed collectively to a totally owned subsidiary of EL Advancement Pte Ltd, for S$ 468 million. The sale price, with an advancement cost of roughly S$ 43.6 million to redevelop the site to a gross story proportion (GPR) of 2.8 based upon the optimum permissible Gross Flooring Area (GFA) of about 267,239 sq feet, means a land rate of roughly S$ 1,914 each square foot each story ratio (psf ppr). With the incorporation of a 10% bonus offer terrace and a recommended story ratio of 3.08 (2.8 + 10% porch), the land rate exercises to about S$ 1,841 psf ppr, subject to the authorities' authorization.

Dunearn Gardens is a private household estate making up 3 adjacent residential blocks of 114 home systems ranging from 75 sq m to 306 sq m, and also has a site location of 8,866.9 sq m (approx. 95,442 sq feet). The prompt location is mainly bordered by Excellent Class Bungalows, landed houses and high-rise condominiums, with many trusted schools located within a 2km radius and Newton MRT Interchange simply 150 metres' stroll from the development. Neighbouring condominiums consist of Parc Botannia Residences, it is high-rise condominiums also. Mr.Loh, Exec Director and also Head of Investment and Resources Markets at Knight Frank Singapore, claims, "The new skyscraper advancement will delight in unblocked views in the direction of the city We believe the brand-new development will appeal to owner-occupiers as well as capitalists given its choice location right at the city fringe."

Mr.Tsui, Deputy Chairman of the Collective Sale Committee of Dunearn Gardens, comments, "This is our 3rd attempt at the cumulative sale and also we appreciate the solid support rendered by our other proprietors and also our appointed professionals and attorneys throughout this trip." Mr.Yew Quickly, Taking Care Of Director of EL Development Pte Ltd, shares, "We are really thrilled to get Dunearn Gardens, a good sized property site in a prime area. We plan to redevelop the site right into a 34-storey high-end condominium comprising of 348 systems of 1- to 4-bedroom systems." This is the seventh cumulative sale site Knight Frank Singapore has actually sold considering that the start of the collective sale flurry in Could 2017, completing $2.89 billion to this day. Knight Frank is additionally arranging the launch of an additional cumulative sale site, Kemaman Factor, available for sale by tender in early May 2018.

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