Sutton Place launched for en bloc sale at $285 million
The sale price of the site would work out to be around $2,052 psf ppr.
Completed in 1989, the Sutton Place condominium has been put up for en bloc sale via public tender.
The indicative price has been set at $285 million.
It is a 44-unit freehold residential development that is situated along Farrer Road.
It comprises a total of 3 blocks and currently sits on an elevated plot with a land area of 93,183 square feet.
Under the latest URA Master Plan, the Sutton Place en bloc site has an allowable gross plot ratio (GFA) of 1.6.
At $285 million and a development charge of around $20 million, analysts noted that the land price could be around $2,052 per square foot per plot ratio.
Hence, based on estimates, the future new launch at Farrer Road could be priced at around $3,173 psf on average.
However, this is assuming that the developer plans to make a 20 percent profit margin.
The en bloc site has the potential to be redeveloped into a 162-unit new launch residential project.
Sutton Place is very close to the Holland Village precinct and several other ongoing projects that are within the vicinity.
Some of these projects include Leedon Green, Hyll on Holland, and One Holland Village Residences.
In addition, the site is close to various top schools such as Nanyang Primary School and Raffles Girls’ Primary School.
It is also within a short walking distance of Farrer Road MRT station.
The collective sale tender of Sutton Place will close on 15th Sep 2022.