Monday, March 21, 2011

Newton View changes hands for S$147.6m

Newton View changes hands for S$147.6m
Mar 17, 2011 -

Newton View, a 37,577 sq ft freehold site, has been sold to Novelty Group for S$147.6 million through an en bloc sale.

This works out to around S$1,403 psf of potential gross floor area (GFA). Savills Singapore, which brokered the deal, said no development charge (DC) is payable based on the 2.8 gross plot ratio allocated for the property under the Master Plan 2008.

“We received interest from several local and foreign developers,” said Steven Ming, Executive Director of Savills.

Meanwhile, Coronation Grove at Coronation Road has also been launched for en bloc sale, through unanimous consent by its owners.

The 999-year leasehold property currently comprises 24 walk-up apartments. It is zoned for three-storey semi-detached houses and has a total land area of 62,011 sq ft.

“Under this zoning, the developer of the site could choose to build a combination of conventional semi-detached and detached houses, as well as strata semi-detached houses and strata bungalows, subject to approval from the relevant authorities and payment of DC if applicable,” said Yong Choon Fah, Executive Director of Credo, which is the marketing agent for the property.

The buyer has the option of redeveloping the property to accommodate up to 11 conventional bungalows or 28 strata semi-detached houses, she said, adding that another option for the developer is to develop a mix of 14 strata semi-detached houses and 10 conventional semi-detached houses.

Credo is also marketing another property, Braddell Park, located at Jalan Lateh, off Braddell Road and Upper Serangoon Road.

Owners are expecting to offer the property for S$90 million to S$100 million, which reflects a psf ppr price of between S$675 and S$748, inclusive of S$2.55 million payable to the state for the adjoining plot.

“DC is not payable for the redevelopment of the site up to a plot ratio of 1.4. The optional 10 percent balcony gross floor area may also be partially or completely free of DC,” said Tan Hong Boon, Deputy Managing Director of Credo.

The tender for Braddell Park and Coronation Grove will close on 14 and 18 April respectively.

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