With the land area of 24,074.4 sq. m, Chancery Court at Dunearn Road is situated in one of the prime locations of the city. There are 7 blocks of walk-up four-storey residential properties along with a tower block. These blocks consist of 8 commercial units and 136 apartments.
There are numerous primary and junior schools situated in the close proximity to this 99-year leasehold site. These include St Margaret’s Primary School, Anglo Chinese School (Primary & Junior Campuses), St Joseph’s Institute, CHIJ Primary, and Singapore Chinese Girls’ Primary School. Moreover, it is located at the walking distance (approx. 5 minutes) from the Newton MRT station.
The gross plot ratio of this site, as per the 2014 Master Plan, is 1.4. As per the officials from OrangeTee Advisory, the sole marketing agent of this site, if this site is redeveloped, 480 units can be constructed. Each unit could be of 70 sq. m in size on an average. Furthermore, they also expressed that for its redevelopment, a PAFS – Pre-Application Feasibility Study will be conducted on this site for the potential traffic impact. The work has already started as a traffic consultant has been handed over the responsibility to conduct this study.
The asking price for this site has worked out to S$1,572 (land rate) psf per plot ratio. According to the executive director of OrangeTee, Mr. Alex Oh, this asking price is attractive as compared to that of other properties keeping in consideration the land sales value of nearby sites.
A point to note here is that this asking price also includes the differential premium of approx. S$180 million (an estimated value). The hike in price is due to the old 62 years lease that will be topped up to a fresh 99 years lease of this site. Furthermore, the increased gross plot ratio has also resulted in the increase in asking price.
Mr. Alex Oh is of the view that this site is surely going to generate a positive interest from developers. He believes that it boasts of an excellent location. Furthermore, since there are numerous popular schools located nearby and public and private transports are easily accessible from this site to access the town make will make it a profitable venture.
Marcus Oh, the managing director of OrangeTee, maintains that they want to give their developers more certainty before the closing date of tender. It is slated to be closed at 3 pm on May 15. Therefore, they have taken this initiative of conducting the PAFS. This step will give help to generate the interest of developers as they will begin the redevelopment of this site with confidence and assurance.
These estates began to be built in 1974 by the Government. However, no more estate was built after a decade because of their fading popularity. 10 years later, a notice was issued, which allowed the privatisation of these estates.
It is also to be noted that twelves of the former HUDC estates have already been sold. The preceding year was quite prominent in terms of former HUDC estate deals as 5 of the 12 deals were signed in the last year. These include Serangoon Ville, Rio Casa, Tampines Court, Florence Regency, and Eunosville. The remaining estates are still in the different stages of the process of collective sale.
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