One of the few HUDC estates left in Singapore has just been launched for en bloc sale. The tender for Chancery Court in district 11 opened with an asking price of $390 million.
6th remaining HUDC estate going en bloc
There were a total of 18 HUDC estates in Singapore. Should Chancery Court be successfully sold, there will only be 5 left. And the probability may be high, considering its prime location.
Some of the other HUDC estates previously sold to developers include Rio Casa, Serangoon Ville, Eunosville, Tampines Court and Florence Regency.
All 5 were sold in 2017. Some others such as Ivory Heights, Pine Grove, Laguna Park, Braddell View and Lakeview are undergoing the en bloc process.
The 99-year leasehold Chancery Court sits on Dunearn Road, just 5 minutes walk away from Newton MRT station. There is no lack of schools in its proximity. Schools such as Anglo Chinese School (Primary), Anglo Chinese School (Junior) and St. Joseph’s Institution Junior are close by.
Related: Cairnhill Heights sold below asking price for $72.6 million
Marketing agent undertaking Pre-Application Feasibility Study (PAFS) to encourage uptake from developers
The site is marketed solely by Orange Tee Advisory. Considering the size and position of the site, the firm is taking the initiative to undertake the Pre-Application Feasibility Study (PAFS). They hope that this move will provide developers with more certainty in regards to the site’s redevelopment potential.
The site has a land area of 259,134 sq ft and is zoned for residential use. It has a gross plot ratio of 1.4 and can potentially yield 480 units each averaging 750 sq ft.
There is a differential premium of $180 million to top up the lease to a fresh 99 years. After that and the land intensification costs, the asking price works out to a land rate of $1,572 psf ppr.
In comparison to recent land sales and offers of sites nearby, the rate is considered competitive.
The tender for Chancery Court closes on May 15.
