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Thread: Roxy-Pacific buying freehold Dunearn Court for S$36.3m

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    Default Dunearn Court up for en bloc sale by tender at $38.8 mil

    [B][SIZE=5]Dunearn Court up for en bloc sale by tender at $38.8 mil[/SIZE][/B]

    Angela Teo / The Edge Property | July 26, 2017


    Dunearn Court, a freehold redevelopment site, has been put up for sale by tender, says exclusive marketing agent Knight Frank. The guide price is $38.8 million which translates to approximately S$1,443 psf per plot ratio.

    Located in prime District 11, the 19,203 sq ft site currently houses one residential block of 12 apartment units. According to the 2014 Master Plan, the site is zoned “Residential” with a gross plot ratio of 1.4.

    Dunearn Court is within walking distance from Tan Kah Kee and Botanic Gardens MRT Stations along the Downtown Line, says Knight Frank. It is also accessible via Ayer Rajah Expressway (AYE) and major arterial roads: Dunearn Road and Bukit Timah Road.

    “The potential purchaser could potentially configure the maximum permissible gross floor area of approximately 26,884 sq ft into 32 apartment units with an average size of 753 sq ft, subject to URA’s approval,” says Ian Loh, Knight Frank’s executive director & head of investment and capital markets.

    The tender for Dunearn Court will be launched on July 26 and close on September 6.

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    Default Dunearn Court eyeing $38.8m in collective sale bid

    [B][SIZE=5]Dunearn Court eyeing $38.8m in collective sale bid[/SIZE][/B]

    JUL 31, 2017

    Wong Siew Ying


    The 12 owners of the Dunearn Court condominium have put the property on the market for $38.8 million, with substantial gains likely from the sale.

    The tender comes hot on the heels of a slew of collective sale deals sealed in recent months amid rising optimism in the private residential market.

    The asking price works out to a land rate of about $1,443 per square foot (psf) per plot ratio, said marketing agent Knight Frank, adding that no differential premium is payable.

    Dunearn Court, in Dunearn Road in prime District 11, has a site area of 1,784 sq m (19,203 sq ft) and comprises just 12 apartments.

    Knight Frank told The Straits Times last week that each owner stands to receive "in excess of $3 million" from the sale, depending on the size of their apartments, which range from 1,356 sq ft to 1,561 sq ft.

    The price would be around 75 per cent above the open market value if the owners were to sell their units individually, it added.

    The large premium stems from the fact that Dunearn Court - built in 1993 - is a walk-up block with no condo facilities and the units fetch lower prices on the open market.

    The site has a gross plot ratio of 1.4 and is zoned for residential use.

    "Redevelopment sites are at present highly sought after, particularly boutique redevelopment sites with gross development value of below $100 million," said Mr Ian Loh, head of investment and capital markets at Knight Frank.

    The eventual buyer could configure the maximum permissible gross floor area of about 26,884 sq ft into 32 apartments with an average size of 753 sq ft, Mr Loh added.

    Amenities nearby include Nanyang Primary School, Nanyang Girls' High School, Hwa Chong Institution and National Junior College.

    The site is about 500m from the Tan Kah Kee MRT and Botanic Gardens MRT stations.

    Knight Frank closed two collective sale deals this year: Rio Casa, which was sold to Oxley-Lian Beng Venture for $575 million, and One Tree Hill Gardens to Lum Chang Holdings for $65 million.

    The tender for Dunearn Court closes on Sept 6.

  3. #3
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    Lousy location

    The entrance perpetually jam during peak hr

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    Default Roxy-Pacific buying freehold Dunearn Court for S$36.3m

    [B][SIZE=5]Roxy-Pacific buying freehold Dunearn Court for S$36.3m[/SIZE][/B]

    [B]Price works out to S$1,371 psf ppr inclusive of an estimated development charge of S$550,000[/B]

    OCT 24, 2017

    KALPANA RASHIWALA


    A WHOLLY-OWNED subsidiary of Roxy-Pacific Holdings has inked a conditional deal to buy Dunearn Court through a S$36.3 million collective sale.

    The price works out to S$1,371 per square foot per plot ratio inclusive of an estimated development charge (DC) of S$550,000, said Knight Frank, which brokered the deal.

    Located between the Tan Kah Kee and Botanic Gardens MRT stations on the Downtown Line, the 19,203 sq ft freehold Dunearn Court site is zoned for residential use with a 1.4 plot ratio under the Urban Redevelopment Authority's Master Plan 2014.

    Dunearn Court comprises 12 apartments; owners will receive a gross sale price of about S$2.91 million to S$3.12 million per unit - which works out to $2,004 psf to $2,140 psf - upon completion of the sale, Knight Frank added.

    Dunearn Court's collective sale was launched in late July. The tender closed on Sept 6 without the reserve price being met. Roxy-Pacific inked a private-treaty deal to buy the property after owners agreed to its price of S$36.3 million, which was lower than the initial reserve price, understood to be slightly over S$37 million, but still above the S$35 million recent valuation of the property.

    When contacted, Roxy-Pacific executive chairman Teo Hong Lim told BT that the group plans to redevelop the site into a five-storey apartment project with 35 units, which are likely to comprise two and three-bedders. He estimates the project's breakeven cost at close to S$2,000 psf.

    Market watchers note that a potential collective sale is also in the works at the next-door Shelford Green. BT reported earlier this week that its owners are seeking S$140 million or S$1,505 psf ppr; no DC is expected to be payable for the 66,392 sq ft site.

    If Roxy-Pacific were to clinch this site, it could potentially amalgamate the two plots for a larger redevelopment scheme, say observers. Mr Teo would not be drawn into talking about Roxy-Pacific's interest level in Shelford Green.

    Dunearn Court will be the fourth residential land acquisition for Roxy-Pacific so far this year. The four purchases add up to S$219 million.

    Roxy-Pacific's three acquisitions earlier this year were along along Upper Bukit Timah Road, River Valley Road and Guillemard Lane.

    Commenting on the Dunearn Court collective sale, Knight Frank's head of investment and capital markets, Ian Loh, said: "The new project will cater to a wide variety of buyers, given its strong locational offering. It is near the Singapore Botanic Gardens and within a one-km radius from several established schools, including Nanyang Primary School and Nanyang Girls' High School."

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    Default Roxy-Pacific to acquire Dunearn Court for S$36.3m

    [B][SIZE=5]Roxy-Pacific to acquire Dunearn Court for S$36.3m[/SIZE][/B]

    OCT 23, 2017

    JACQUELYN CHEOK


    ROXY-PACIFIC Holdings has proposed to acquire Dunearn Court for some S$36.3 million.

    The property developer said on Monday that its unit, RH Central, has entered into a conditional agreement to acquire a freehold residential site situated at Lot 7050X of Mukim 17 at 386, 386A, 386B, 388, 388A, 388B, 390, 390A, 390B, 392, 392A and 392B Dunearn Road - also known as Dunearn Court.

    The site has an estimated total land area of 19,203 sq ft and is zoned residential under the master plan with gross plot ratio of 1.4.

    The acquisition is subject to terms and conditions to be fulfilled.

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    [B][SIZE=5]Roxy-Pacific buying freehold Dunearn Court for S$36.3m[/SIZE][/B]

    [B]Price works out to S$1,371 psf ppr inclusive of an estimated development charge of S$550,000[/B]

    OCT 24, 2017

    KALPANA RASHIWALA


    A WHOLLY-OWNED subsidiary of Roxy-Pacific Holdings has inked a conditional deal to buy Dunearn Court through a S$36.3 million collective sale.

    The price works out to S$1,371 per square foot per plot ratio inclusive of an estimated development charge (DC) of S$550,000, said Knight Frank, which brokered the deal.

    Located between the Tan Kah Kee and Botanic Gardens MRT stations on the Downtown Line, the 19,203 sq ft freehold Dunearn Court site is zoned for residential use with a 1.4 plot ratio under the Urban Redevelopment Authority's Master Plan 2014.

    Dunearn Court comprises 12 apartments; owners will receive a gross sale price of about S$2.91 million to S$3.12 million per unit - which works out to $2,004 psf to $2,140 psf - upon completion of the sale, Knight Frank added.

    Dunearn Court's collective sale was launched in late July. The tender closed on Sept 6 without the reserve price being met. Roxy-Pacific inked a private-treaty deal to buy the property after owners agreed to its price of S$36.3 million, which was lower than the initial reserve price, understood to be slightly over S$37 million, but still above the S$35 million recent valuation of the property.

    When contacted, Roxy-Pacific executive chairman Teo Hong Lim told BT that the group plans to redevelop the site into a five-storey apartment project with 35 units, which are likely to comprise two and three-bedders. He estimates the project's breakeven cost at close to S$2,000 psf.

    Market watchers note that a potential collective sale is also in the works at the next-door Shelford Green. BT reported earlier this week that its owners are seeking S$140 million or S$1,505 psf ppr; no DC is expected to be payable for the 66,392 sq ft site.

    If Roxy-Pacific were to clinch this site, it could potentially amalgamate the two plots for a larger redevelopment scheme, say observers. Mr Teo would not be drawn into talking about Roxy-Pacific's interest level in Shelford Green.

    Dunearn Court will be the fourth residential land acquisition for Roxy-Pacific so far this year. The four purchases add up to S$219 million.

    Roxy-Pacific's three acquisitions earlier this year were along along Upper Bukit Timah Road, River Valley Road and Guillemard Lane.

    Commenting on the Dunearn Court collective sale, Knight Frank's head of investment and capital markets, Ian Loh, said: "The new project will cater to a wide variety of buyers, given its strong locational offering. It is near the Singapore Botanic Gardens and within a one-km radius from several established schools, including Nanyang Primary School and Nanyang Girls' High School."

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    Quote Originally Posted by proud owner View Post
    Lousy location

    The entrance perpetually jam during peak hr
    Quite true though one can detour back to exit from Wattern Estate Road. At this sale price, I hope the sellers quickly go and get a replacement unit as they can swap their old place for a much newer around the Shelford, Hillcrest and Duchess area without suffering much a lower standard of living in terms of living area. If I may argue, they could even be better off now because the replacement units are in much better condition than Dunearn Court.

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    And lousy developer too
    Quote Originally Posted by proud owner View Post
    Lousy location

    The entrance perpetually jam during peak hr

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