Derby Court, Parkway Mansion finally sold - above reserve price
Derby Court, Parkway Mansion finally sold - above reserve price
Roxy-Pacific unit wins tender for Derby Court at S$73.88m; Parkway Mansion sold for S$146.99m
DEC 14, 2017
TAN HWEE HWEE
THIRD time is a charm for the collective sales of two private residential developments, Derby Court and Parkway Mansion.
The appointed marketing agents said on Wednesday that the two properties have been sold after two earlier unsuccessful attempts at a collective sale.
RH Developments Pte Ltd, a subsidiary of Roxy-Pacific Holdings, won the tender for Derby Court with a bid of S$73.88 million.
Separately, Parkway Mansion has been sold for S$146.99 million to SL Capital (3) Pte Ltd, a consortium led by Sustained Land Pte Ltd.
Derby Court's sale price of S$73.88 million is above the reserve price of S$62 million for the collective sale tender.
Sole marketing agent for Derby Court, JLL, said that the tender for the property drew seven bids comprising local and foreign developers and funds. It indicated that owners can expect to receive gross sales proceeds of between S$3.36 million and S$6.65 million per unit.
JLL regional director Tan Hong Boon said that the successful sale price also works out to a land rate of about S$1,390 per sq ft (psf) per plot ratio (ppr) based on the "as-built" gross plot ratio of 2.872. "Development charge is not payable for the proposed redevelopment even with this additional bonus 10 per cent balcony GFA (gross floor area) due to its high development baseline."
The 20-unit Derby Court, comprising 18 apartments and two penthouses, sits on Derbyshire Road in the Novena locale. It is across the road from St Joseph's Primary Institution (Junior), and also close to the Anglo-Chinese School (Junior).
Under the 2014 Master Plan, the 18,506 sq ft site is zoned 'Residential' with a gross plot ratio of 2.8. The GFA verification at about 53,153 sq ft for the development reflects an equivalent plot ratio of 2.872.
The property may be redeveloped to accommodate a high-rise apartment development of around 24 to 25 storeys based on the height control on the site at 99 metres AMSL (above mean sea level), JLL said in a statement.
Colliers International, the marketing agent for Parkway Mansion, indicated that the sale price of S$146.99 million was 6.5 per cent above the owners' guide price of S$138 million during the tender that was launched on Nov 16.
The sale price and an estimated development charge of about S$21 million translate to a land rate of S$1,536 psf ppr. The development charge is payable to the state for the intensification of land use.
Depending on the size of their property, each owner will stand to receive between S$4.5 million and S$4.7 million in gross proceeds upon completion of the sale.
The land rate for Parkway Mansion far surpassed prices achieved in recent collective sales in the area: The Albracca (S$1,409 psf ppr), and Nanak Mansion (S$1,429 psf ppr) in Meyer Road as well as Amber Park (S$1,515 psf per plot ratio), a statement from Colliers said.
Colliers managing director Tang Wei Leng added that SL Capital (3) has submitted the highest unconditional offer.
Parkway Mansion is a 17-storey freehold development that houses apartments of sizes ranging between 169 sq m and 181 sq m.
The property is located just 100m from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line which is slated for completion in 2023.
