The 17,442 sq ft site could be developed into a new condominium of up to 36 storeys high. (Photo: Savills Singapore)
Champsworth Development, a subsidiary of Malaysian property developer Selangor Dredging Berhad, has bought the prime freehold 1 Draycott Park apartment in District 10 for $72 million, said marketing agent Savills Singapore.
The 17,442 sq ft site was purchased through a private treaty deal. The sale price works out to a unit land rate of about $1,787 psf per plot ratio inclusive of a development charge estimated at $15.3 million.
Built in the 1990s, the site is currently occupied by a seven-storey block comprising eight apartments from 860 sq ft to 6,200 sq ft. It is zoned for residential use based on the Master Plan 2014, and has a plot ratio of 2.8.
A new condominium of up to 36 storeys high with a maximum permissible gross floor area of 48,837 sq ft could be built on the site.
Located close to Ardmore Park and Orchard Road, 1 Draycott Park sits amidst luxury homes, country clubs, hotels and established schools.
“The sale represents an exciting opportunity for the developer to a turn a prized asset underpinned by its excellent location into luxurious compact-sized apartments targeting well-heeled single professionals, DINKs (dual income, no kids), young families and investors who covet to own a piece of property in the posh locale,” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore.
“This transaction signals to the market that the high-end non-landed residential segment has moved on to the next phase of price recovery,” she added.
The breakeven price for the new project is expected to range between $2,700 to $2,800 psf, said Savills.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
