Dunearn Gardens Sold To EL Development For $468m
A completely owned subsidiary of EL Development has bought Dunearn Gardens, a freehold condominium placed off Newton Road collectively for the price value of $468 million in its third en bloc attempt, marketing agent Knight Frank revealed on Monday (23rd Apr).
The purchase price was much lower than the reserve price value of $488.8 million.
Adding the development charges of about $43.6 million for redevelopment of the site to a gross plot ratio (GPR) 2.8 based on the maximum gross floor area of 267,239 sq ft, the land rate is set to the price value of $1,914 psf per plot ratio (psf ppr).
With the addition of a 10% bonus balcony area and a proposed GPR rate of 3.08, the land rate sets to $1,841 psf ppr, which is subjected to the authorities’ approval.
Each individual owner would get $2.69 million to $7.98 million from the successful sales.
With a site area covering 95,442 sq ft, Dunearn Gardens is placed near Newton MRT interchange and multiple established schools. Completing its work in 1992, it holds 114 units.
EL Development is planning to redevelop the site onto a 34-storey luxury condo having 348 1 to 4-bedroom units.
“The new high-rise development would enjoy clear views towards the city. We believe the new development would appeal to owner occupiers & investors given the options location perfect at city fringe,” revealed Ian Loh, executive director & head of investment and capital markets at Knight Frank Singapore.