Dunearn Gardens Launched for Sale by Tender

The site is one of the last freehold, high-rise residential redevelopment sites located just 100m from Newton MRT.

Dunearn Gardens. Picture: Knight Frank

SINGAPORE – Knight Frank Singapore, the exclusive marketing agent representing the interests of the owners of Dunearn Gardens via their collective sale committee, is pleased to announce the launch of the sale of Dunearn Gardens, a rare freehold high-rise residential redevelopment site off Newton Road, by tender.

Dunearn Gardens is a private residential estate comprising three adjoining residential blocks of 114 apartment units ranging from 75 sq m to 306 sq m, and has a site area of 8,866.9 sq m (approx. 95,442 sq ft). The site is regular in shape with 90 metres’ frontage onto Dunearn Road.

Under the 2014 Master Plan, the site is zoned “Residential” with a Gross Plot Ratio (GPR) of 2.8. This allows redevelopment potential to reach up to a maximum permissible Gross Floor Area (GFA) of approximately 267,239 sq ft, translating to a potential yield of 354 new residential units, based on the average size of 70 sq m.

The Land Transport Authority (LTA) has confirmed that a Pre-Application Feasibility Study (PAFS) on traffic impact will not be required for the site.

Located within the immediate vicinity are other private residential developments, including Good Class Bungalows, landed homes and condominiums.

Many established schools surround the area, such as Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road) and St. Joseph’s Institution Junior, which are located within 1 km from the development.

Situated less than 2 km away are the Singapore Chinese Girls’ Primary and Secondary Schools, St. Margaret’s Primary School, St. Joseph’s Institution and Catholic Junior College

The Central Expressway (CTE) and Pan-Island Expressway (PIE) provide seamless connectivity to other parts of Singapore, on top of linkage via major arterial roads like Bukit Timah Road and Dunearn Road.

The site is a 15-minute drive to the Central Business District, with a wide range of amenities situated along Orchard Road, Scotts Road, Newton Road, Thomson Road, Dunearn Road and Bukit Timah Road. Additionally, the development is only approximately 25 minutes’ drive to Changi International Airport.

The owners are expecting offers above their reserve price of S$488.8 million.

Including an additional development charge of approximately S$35.7 million payable to the State for the intensification of the site to the maximum permissible gross floor area, this translates to a land rate of approximately $1,962 psf ppr. With the inclusion of a 10% bonus balcony GFA and a proposed plot ratio of 3.08 (2.8 + 10%) balcony, the land rate works out to approximately S$1,861 psf ppr, subject to the authorities’ approval.

“Knight Frank is proud to be the marketing agent for Dunearn Gardens, as we bring it a full circle having sold the land to Korakuen Amusement Development (the developer of Dunearn Gardens) and also marketed the development in the late 80s. We believe it is one of the last freehold high-rise residential redevelopment sites within 100 metres from Newton MRT station, which is now an interchange for both the North-South and Downtown MRT lines.

“We have also witnessed a pick-up in interest from home buyers in the high-end residential market. In 3Q2017 alone, there were 1374 caveats in the Core Central Region (CCR) for both new sales and resale homes, a record high over the last 5 years. Based on URA data, the projected supply for properties in the CCR is less than 1,000 units per year from 2018 to 2020. With the current limited supply of new luxury residential projects, we believe demand will surpass availability. Coupled with the positive attributes of the site, the new development will likely be highly sought after by end users,” says Mr Ian Loh, Executive Director and Head of Investment and Capital Markets, Knight Frank Singapore.

This is the second collective sale site Knight Frank has launched this year, with Summer Green, a freehold residential redevelopment site off Balestier Road, put up for sale by tender a few days ago with a guide price of S$48.5 million.

The tender for Dunearn Gardens will close on Tuesday, 13 February 2018 at 3.30 pm.