Sutton Place at Farrer Road up for collective sale at S$285 million
SINGAPORE — Sutton Place at 24, 26 and 28 Farrer Road has been put up for collective sale via public tender at an indicative price of S$285 million.
The five-storey freehold residential development in District 10 comprises 44 units and sits on a site of about 93,183 sq ft, marketing agent Colliers said in a statement on Wednesday (10 August).
According to Urban Redevelopment Authority's (URA) Draft Master Plan 2019, the site is zoned for "Residential" use and has an allowable gross plot ratio of 1.6. The site has a development baseline of 130,201 sq ft, or about 87 per cent of the allowable gross floor area, which will buffer any increase in development charge rates for prospective developers.
Based on the indicative price of S$285 million and a development charge payable of about S$20,886,880, this will translate to a land price of S$2,052 per sq ft per plot ratio, Colliers said.
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"We anticipate the median price of new apartments in the Farrer/Holland Road locality to cross S$3,000 per sq ft in the next one to two years, which is an increase of more than 10 per cent from current prices," Tang Wei Leng, Colliers' managing director and head of capital markets and investment services, said.
Located at the fringe of a Good Class Bungalow Area, schools such as Nanyang Primary School, Raffles Girls' Primary School, Hwa Chong Institution and National Junior College are within a 2km radius of the site.
The Farrer Road MRT station is a 10-minute walk away, with the Pan Island Expressway and Ayer Rajah Expressway also easily accessible. An array of dining, shopping and entertainment options can also be found at the nearby Holland Village, Dempsey Hill and Singapore Botanic Gardens.
The collective sale tender will close on 15 September at 3pm.
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