Derby Court, a collective sale site along Derbyshire Road, has just been launched for sale by tender by sole marketing agent, JLL. Derby Court comprises 18 apartments of 185 sqm each and 2 penthouses of 362 sqm each, totalling 20 units in one 12-storey apartment block. More than 80 percent of the owners have consented to the collective sale at a minimum price of $62 million.

The Novena locale is an established private residential enclave that enjoys a strong following from both locals and expatriates alike, due to its close proximity to amenities, good schools and the CBD. Health City Novena, a world-class medical city is also in the neighbourhood.

“Derby Court, with its prime location, freehold tenure and proximity to good schools, stands out amidst the many collective sale sites that are presently being marketed”, says Mr. Tan Hong Boon, Regional Director at JLL.

“We expect strong interest for this site due to the affordable quantum and the reasonable pricing and owners are certainly expecting developers to bid well in excess of their reserve price. This compares favorably with the recent land sales and the strong demand among developers which can be seen from competitive bidding at recent land tenders. At the owners’ reserve price of $62 million, it reflects a land rate of approximately $1,168 psf per plot ratio, based on the “as-built” gross plot ratio of about 2.869. Factoring in the 10 percent bonus balcony plot ratio, the effective land rate is only $1,062 psf per plot ratio. Development charge is not payable for the proposed redevelopment even with this additional bonus 10 percent balcony GFA,” continues Mr. Tan.

“Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable GFA of 58,403 sq ft into 70 apartments.”

“The site’s strategic position on the corner of Derbyshire Road may offer developers some degree of flexibility in designing the new apartments such that the number of unblocked views is maximized. The new high-rise tower could be positioned to overlook St Joseph’s Institution (Junior)’s low-rise facilities in one direction and towards the CBD on the opposite direction,” says Mr. Tan.

“For developers looking for smaller sites in District 11 with proximity to good schools, Derby Court would be a good investment choice. With a smaller development which is centrally located, developers would not need to worry about being unable to sell off their units within the five-year ABSD remission deadline,” added Mr. Tan.

Derby Court is for sale through Tender.

If you wish to receive further information and Tender specifics and deadlines please phone or email Tan Hong Boon from JLL via the contact details below.

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