Prime City Fringe Residential Site for Sale by Tender
Savills Singapore is pleased to announce the launch by tender, the collective sale of Derby Court, a boutique freehold site located in the prime District 11 Novena enclave.
The 12-storey development occupies a corner plot of approximately 1,719.3 sq m (or 18,506 sq ft) at 5 Derbyshire Road. The development (35 years of age), consists of 20 apartments with an existing gross floor area of 4,932.61 sq m (or 53,094 sq ft). No development charge is payable due to the high development baseline which reflects a plot ratio of 2.869. The site is zoned “Residential” with a plot ratio of 2.8 under the 2014 Master Plan.
The site enjoys convenient access to Novena MRT station, Orchard Road and the CBD. It is situated within 1 km of popular schools such as St Joseph’s Institution (Junior) and Anglo Chinese School (Junior) and a short walk to 3 established malls – United Square, Velocity@Novena Square and Square 2 where a wide variety of trendy F&B outlets, supermarkets and shopping amenities can be found.
Novena is fast gaining recognition as a renowned medical hub in Singapore. It is now home to Mount Elizabeth Novena Hospital, Novena Medical Centre, Novena Specialist Centre and Tan Tock Seng Hospital. The upcoming Royal Square at Novena and the government’s masterplan for the future Health City Novena will further boost the area as a lifestyle and medical tourism hub.
The collective sale of Derby Court has an indicative price of S$68.28 million or S$1,286 psf ppr based on the allowable Gross Floor Area of 53,094 sq ft. The land rate would be lowered to approximately S$1,169 psf ppr including the 10% bonus gross floor area space allowable for balconies. The site can potentially accommodate up to a maximum of 70 new apartments averaging 753 sq ft with an estimated breakeven cost exceeding S$1,700 psf.
“Derby Court presents a rare and exciting investment opportunity. We expect the site to draw interest due to its locational attributes, established amenities and compact size. Sites with absolute price quantum of less than S$70 million for a high-rise 36-storey development are few and far between. This is a sweet spot to boutique developers in the present market”, said Suzie Mok, Senior Director of Investment Sales at Savills Singapore who is handling the sale.
She added, “Novena with its prime central fringe location has always been a choice favourite amongst real estate investors and owners for its good rental potential and long-term capital appreciation”.
The tender for Derby Court will close at 3pm on 20 January 2015.