By Vivienne Tay
source: The Business Times
Surrey Point, a freehold residential development along Newton Road, is up for collective sale via public tender with a guide price of $55 million, sole marketing agent SRI Capital Market said on Monday.
The guide price works out to a land rate of about $$1,661 per square foot per plot ratio based on an 11,977 square foot (sq ft) site with a gross plot ratio of 2.8, inclusive of development charge.
The land plot is zoned for residential use with a maximum permissible gross floor area of about 35,882 sq ft, inclusive of the additional 7 per cent bonus gross floor area for balconies.
This means it can potentially yield 36 units with an average size of 85 square metres (914 sq ft), said SRI Capital Market.
Subject to approval from relevant authorities, the site may be ideal for conversion into serviced apartments or be developed as co-living apartments.
SRI Capital Market said the collective sale has achieved 100 per cent owners’ consensus, and no Strata Titles Board’s application is required.
Located at the junction of Surrey Road and Newton Road, the 10-storey Surrey Point consists of nine residential units.
It is located within District 11 and is 500 metres from both Newton MRT Interchange and Novena MRT station, as well as a five-minute drive to the Orchard Road shopping belt.
The site is also near Novena Square, United Square, Courtyard by Marriott, Royal Square, Goldhill Shopping Centre, and the Novena medical hub.
Schools in the vicinity include Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), St Joseph’s Institution Junior, Singapore Chinese Girls’ School and St Margaret’s Primary.
SRI Capital Market managing partner Low Choon Sin said that new project sales in the Newton area and District 11 have seen strong sales momentum resulting from the previous en bloc cycle in 2018.
“This demonstrates the appeal of Newton/Novena district with its array of dining, shopping and renowned schools,” he added.
SRI managing director Tony Koe said with a calibrated release of sites for the first half of 2021, SRI foresees the collective sale segment to revive interest for developers to shore up their inventory.
“The S$55 million asking price is also at a sweet spot for entities looking to diversify into property development,” he said.
The public tender exercise for Surrey Point will close on Feb 9 at 3pm.