CapitaLand to build 1,500 high-end homes on site off Farrer Road

CapitaLand intends to build an estimated 1,500 mid to high-end homes in prime District 10 on a site that currently houses the Farrer Court estate.

The developer and its partners bought the site off Farrer Road in a collective sale last June for some S$1.34 billion.

Revealing plans for the project on Thursday, CapitaLand said the new development will have seven blocks of 36-storeys each, with mainly two, three and four bedroom units. The development will also include 12 garden villas.

The unnamed project is expected to be launched in the first half of 2009.

CapitaLand expects the breakeven cost to range between S$1,350 and S$1,450 per square foot.

Industry watchers said, depending on the market conditions at the time of the launch, the new units could fetch between S$1,500 and S$1,800 per square foot on average.

The entire project will cost S$3 billion in total.

CapitaLand and its partners have signed an agreement for a loan of S$2 billion to fund the development costs.

Farrer Court currently has 618 private apartment units.

The 99-year leasehold site spans 838,488 square feet and has a maximum gross plot ratio of 2.8.

It is within walking distance of the future Farrer MRT station. – CNA/vm

Source : Channel NewsAsia – 17 Jul 2008