Dunearn Gardens sold to EL Development for $468 million

Singapore – Knight Frank is pleased to announce that Dunearn Gardens, a 114-unit residential development located off Newton Road, has been sold collectively to a fully owned subsidiary of EL Development Pte Ltd, for S$468 million.

Dunearn Gardens. Picture: Knight Frank

The sale price, with a development charge of approximately S$43.6 million to redevelop the site to a gross plot ratio (GPR) of 2.8 based on the maximum permissible Gross Floor Area (GFA) of approximately 267,239 sq ft, translates to a land price of approximately S$1,914 per square foot per plot ratio (psf ppr). With the inclusion of a 10% bonus balcony and a proposed plot ratio of 3.08 (2.8 + 10% balcony), the land price works out to approximately S$1,841 psf ppr, subject to the authorities’ approval.

Each owner will stand to receive a gross sale price of approximately S$2.69 million to S$7.98 million upon a successful sale, subject to several conditions being met, including an order of sale by the Strata Titles Board or High Court.

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 immediate vicinity is predominantly surrounded by Good Class Bungalows, landed homes and high-rise condominiums, with many reputable schools located within a 2km radius and Newton MRT Interchange just 150 metres’ walk from the development.

Mr Ian Loh, Executive Director and Head of Investment and Capital Markets at Knight Frank Singapore, says, “The new high-rise development will enjoy unobstructed views towards the city. We believe the new development will appeal to owner-occupiers and investors given its choice location right at the city

Mr Petras Tsui, Deputy Chairman of the Collective Sale Committee of Dunearn Gardens, comments, “This is our third attempt at the collective sale and we appreciate the strong support rendered by our fellow owners and our appointed consultants and lawyers during this journey.”

Mr Lim Yew Soon, Managing Director of EL Development Pte Ltd, shares, “We are very delighted to acquire Dunearn Gardens, a good sized freehold site in a prime district. We intend to redevelop the site into a 34-storey luxury condominium comprising of 348 units of 1- to 4-bedroom units.”

This is the seventh collective sale site Knight Frank Singapore has sold since the start of the collective sale flurry in May 2017, totaling $2.89 billion to date. Knight Frank is also scheduling the launch of another collective sale site, Kemaman Point, for sale by tender in early May 2018.