Plum Chancery Hill site fetches $41m

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singaporeproperty
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Plum Chancery Hill site fetches $41m

Post by singaporeproperty » Mon Jul 22, 2013 4:28 pm

Published July 19, 2013

Plum Chancery Hill site fetches $41m

Zoned for mixed landed houses, it's bought by a boutique developer

By Kalpana Rashiwala


Chancery Garden: The developer could build a combination of conventional terrace, semi-detached and detached houses, as well as strata landed homes - PHOTO: ORANGE TEE

[SINGAPORE] A choice freehold site on Chancery Hill Road has been sold for $41 million. The price works out to $1,391 per square foot (psf) based on the site's land area of 29,468 sq ft.

On the site is Chancery Garden, a three-storey block of 10 apartments and townhouses built in the early 1980s.

All the owners consented to the collective sale, which was brokered by OrangeTee.

The buyer is a boutique developer with experience in building strata landed homes.

Located on one of the highest points in Chancery Hill, the site is zoned for two-storey mixed landed houses upon redevelopment, under Master Plan 2008.

The developer could build a combination of conventional terrace, semi-detached and detached houses, as well as strata landed homes.

Going by Urban Redevelopment Authority's prevailing guidelines for strata landed developments, the buyer could potentially build 18 strata terrace houses or a combination of eight strata semi-detached and seven strata terrace houses, subject to approval, said OrangeTee's head of investments and advisory Alex Oh.

A gross floor area of up to 32,593 sq ft - reflecting a plot ratio of 1.106 - can be developed on the site without incurring development charges, he added.

Mr Oh said the most recent comparable transaction in the area would be 121C Whitley Road - about 200 metres away and which was sold to a group that includes Heeton for $31 million or $1,416 psf on land area a year ago. The site is zoned for two-storey mixed landed residential units.

More recently, in March this year, Kismis Lodge near Toh Tuck Road fetched $1,198 psf on land area. The site is zoned for three-storey mixed landed development under Master Plan 2008.

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