Freehold Residential Development Site along Chancery Lane up for En bloc at $86.6 million

SINGAPORE (EDGEPROP) – Knight Frank Singapore today announced the launch of the sale of Chancery Esquire, an exclusive freehold residential development site along Chancery Lane, by tender. The tender for Chancery Esquire will close on 2 August 2018, Thursday at 3 pm.

Chancery Esquire is a private residential estate comprising a block of 31 apartment units ranging from 84 sq m to 158 sq m, and has a site area of 2,696.3 sq m (approx. 29,022 sq ft). The site is regular with 50 metres’ frontage onto Chancery Lane.

Under the 2014 Master Plan, the site is zoned “Residential”, with a Gross Plot Ratio (GPR) of 1.4. Based on the existing Gross Floor Area (GFA) of 4,476.87 sq m and assuming an average size of 70 sq m, the site could potentially yield 63 new residential units upon redevelopment. The Land Transport Authority (LTA) has confirmed that a Pre-Application Feasibility Study (PAFS) on traffic impact will not be required for the freehold residential development site.

The immediate vicinity is predominantly surrounded by Good Class Bungalows, landed homes and condominiums. Many established schools, namely Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road) and Singapore Chinese Girls’ Primary and Secondary Schools are located within 1 km from the development. Less than 2 km away stand other well-known educational institutions, including Anglo-Chinese School (Junior), St. Joseph’s Institution Junior, St. Margaret’s Primary School, St. Joseph’s Institution, CHIJ Toa Payoh, Farrer Park Primary School and Catholic Junior College.

Chancery Esquire is nestled within the exclusive Chancery estate, located strategically between Newton MRT Station and Novena MRT Station, with a wide array of amenities, food and beverage hubs and malls such as Balmoral Plaza, Newton Food Centre, United Square and Novena Square located close by.

The freehold residential development also has great accessibility to top-notch medical facilities, with Mt. Elizabeth Hospital, Mt. Elizabeth Novena Hospital, Tan Tock Seng Hospital and KK Women’s & Children’s Hospital a short drive away.

Major arterial roads as well as expressways such as the Central Expressway (CTE), Pan-Island Expressway (PIE), Bukit Timah Road and Dunearn Road provide seamless connectivity to other parts of Singapore. The site is a 15-minute drive to the Central Business District and approximately 20 minutes’ drive to Changi International Airport.

The owners of the freehold residential development site are expecting offers above their reserve price of $86.6 million. Due to the high as-built GFA of 4,476.87 sq m, this translates to a land rate of approximately $1,797 per square foot per plot ratio (psf ppr) with no development charge payable, subject to URA’s development baseline search.

Ian Loh, Executive Director & Head of Investment and Capital Markets, Knight Frank Singapore, said, “Knight Frank is proud to be the marketing agent for Chancery Esquire. Located in an exclusive area and within close proximity to established schools and medical facilities, we believe this will be an attractive residential development site for developers.”

The en bloc sale of the freehold residential development site in District 11 comes at a time when sentiment in the private residential market continues to be buoyant.

Overall private property prices rose across most market segments, with the largest price surge seen in the Core Central Region (5.5%) and Outside of Central Region (5.6%).

As developers’ existing stock continues to diminish and supply of completed homes remain low, many projects especially those in the CCR have raised prices of their unsold units, some by even double-digits this year. Private residential market continued to gain traction with individual re-sellers have also seized the opportunity of increasing their asking prices in light of the more positive market sentiment fueled by the recent collective sales frenzy.

Mr Paul Ho, the chief mortgage consultant at said that prices in freehold residential development sites in Core Central Region (CCR) have risen less compared to Rest of Central Region (RCR) for many years now and that the price differential is narrowing.

“Either RCR is overpriced or CCR is underpriced. For investors who are looking at superlatives, definitely the best of the best will do. Savvy investors – those who already have more than 1 property – will stay away from the market as the prices are crazy and the fundamentals are weak and there is huge supply in the pipeline.

“Current investors, such as those that bought the New Futura comprise mainly of foreigners. I doubt how they will recover their investment given the low rental yields, rising interest costs.

“I got a sense that it is more a portfolio diversification play given that they feel bullish about the Singapore Property market – given that the malaise of over supply has been digested for many years.

“The situation is nowhere as dire. So, this is more about the confidence and the sentiments. The fundamentals of the Singapore property market remains weak.”

Singapore’s central bank chief said yesterday that the property market euphoria in Singapore calls for caution. Mr Ravi Menon the Managing Director of Monetary Authority of Singapore said developers, banks and home buyers should be cautious about euphoria in the property market. He reminded developers who bid for land to be mindful of the huge supply which is coming on stream.

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