Owners of freehold residential development Newton View have put the estate up for en bloc sale, with an asking price of between $153 million and 155 million, or $1,460 psf ppr to $1,479 psf ppr.
Newton View is located at 26 Newton Road and has a total land area of 37,577 sq ft with a permissible gross floor area (GFA) of 105,215 sq ft and a plot ratio of 2.8.
The GFA can go up to 115,737 sq ft, which includes the 10 percent space for balconies. Savills Singapore, the property’s marketing agent, expects the winning buyer to build a condominium with around 80 units averaging 1,300 sq ft each.
The buyers will also have to pay around a $582,000 development charge.
Mr. Steven Ming, investment sales head of Savills, said the property’s location is a selling point. “New developments in the area have been substantially sold, reflecting the location’s desirability.”
Meanwhile, a two-bedroom unit at The Scala project in Serangoon has been launched for auction.
It is unusual for an owner to put a residential property up for auction so soon after a launch, say industry watchers. Hong Leong Holdings launched the 468-unit project late last month. According to official data, only 68 units were left during that month.
Mr. Mok Sze Sze, head of auctions at JLL, which is handling the sale of the unit, said the seller is a regular client who has also auctioned other properties previously, and feels confident of selling the unit through this way.
Mr. Shaun Poh, senior director for investment advisory and auction at DTZ, said owners auction usually their units some time after launch, when a project has been substantially constructed or is close to getting its temporary occupation permit (TOP).