Derby Court, a boutique freehold site located in District 11, has been put up for sale, according to Savills Singapore on Tuesday (Nov 25).
The 12-storey development occupies approximately 1,719.3 square metres, or 18,506 square feet, at 5 Derbyshire Road. The 35-year-old development consists of 22 apartments with an existing floor area of 53,094 square feet, and is zoned under “Residential”, said Savills, which is handling the sale.
The indicative price is S$68.28 million, or S$1,286 per square foot (psf) per plot ratio (ppr), based on the allowable gross floor area of 53,094 square feet. The site can potentially accommodate up to 70 new apartments averaging 753 square feet, it added.
Ms Suzie Mok, Senior Director of Investment Sales at Savills Singapore, said: “Sites with absolute price quantum of less than S$70 million for a high-rise 36-storey development are few and far between. This is a sweet spot to boutique developers in the present market.”
She added that the company expects the site to “draw interest”. The tender closes at 3pm on Jan 20, 2015.
Source : Channel NewsAsia – 25 Nov 2014