Savills Singapore is pleased to announce the sale of 1 Draycott Park for S$72 million through a private treaty deal.
Savills Singapore is pleased to announce the sale of 1 Draycott Park for S$72 million through a private treaty deal. The sale price reflects a unit land rate of approximately S$1,787 ppr inclusive of a development charge estimated at S$15.3 million. The buyer is Champsworth Development Pte Ltd, a subsidiary of Selangor Dredging Berhad.
The freehold site, approximately 17,442 sq ft, is currently occupied by a 7-storey block. Built in the 1990s, the development comprises 8 apartments ranging in size from 860 sq ft to 6,200 sq ft. Based on the Master Plan 2014, it is zoned for residential use with a plot ratio of 2.8. The site can be redeveloped up to a height limit of 36 storeys with a maximum permissible Gross Floor Area of 48,837 sq ft.
The prime site lies in the heart of Singapore’s most desirable and prestigious residential enclave in District 10, set amidst luxurious residential developments, country clubs, hotels, elite educational institutions and the main shopping belt of Orchard Road.
“The unparalleled No. 1 Draycott Park address is the key attraction of the site. The sale represents an exciting opportunity for the developer to a turn a prized asset underpinned by its excellent location into luxurious compact-sized apartments targeting the well-heeled single professionals, DINKs, young families and investors who covet to own a piece of property in the posh locale.” said Suzie Mok, senior director of Investment Sales at Savills Singapore, who brokered the deal.
She added, “This transaction signals to the market that the high-end non-landed residential segment has moved on to the next phase of price recovery.”
At the land rate of S$1,787 ppr inclusive of development charge, the breakeven price for the new development is expected to range between S$2,700 to S$2,800 psf depending on the quality of the end product.