{"id":57260,"date":"2017-06-08T11:46:57","date_gmt":"2017-06-08T04:46:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/malaysian-developer-pays-72m-for-prime-site-near-orchard-road\/"},"modified":"2017-06-08T11:50:43","modified_gmt":"2017-06-08T04:50:43","slug":"malaysian-developer-pays-72m-for-prime-site-near-orchard-road","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/malaysian-developer-pays-72m-for-prime-site-near-orchard-road\/","title":{"rendered":"Malaysian developer pays $72m for prime site near Orchard Road"},"content":{"rendered":"


\nThe 17,442 sq ft site could be developed into a new condominium of up to 36 storeys high. (Photo: Savills Singapore)
\nChampsworth Development, a subsidiary of Malaysian property developer Selangor Dredging Berhad, has bought the prime freehold 1 Draycott Park apartment in District 10 for $72 million, said marketing agent Savills Singapore.
\nThe 17,442 sq ft site was purchased through a private treaty deal. The sale price works out to a unit land rate of about $1,787 psf per plot ratio inclusive of a development charge estimated at $15.3 million.
\nBuilt in the 1990s, the site is currently occupied by a seven-storey block comprising eight apartments from 860 sq ft to 6,200 sq ft. It is zoned for residential use based on the Master Plan 2014, and has a plot ratio of 2.8.
\nA new condominium of up to 36 storeys high with a maximum permissible gross floor area of 48,837 sq ft could be built on the site. \u00a0
\nLocated near Orchard Road, 1 Draycott Park sits amidst luxury homes, country clubs, hotels and established schools.
\n\u201cThe sale represents an exciting opportunity for the developer to a turn a prized asset underpinned by its excellent location into luxurious compact-sized apartments targeting well-heeled single professionals, DINKs (dual income, no kids), young families and investors who covet to own a piece of property in the posh locale,\u201d said Suzie Mok, Senior Director of Investment Sales at Savills Singapore. \u00a0
\n\u201cThis transaction signals to the market that the high-end non-landed residential segment has moved on to the next phase of price recovery,\u201d she added.
\nThe breakeven price for the new project is expected to range between $2,700 to $2,800 psf, said Savills. \u00a0\u00a0 \u00a0
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Malaysian developer pays m for prime site near Orchard Road<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 17,442 sq ft site could be developed into a new condominium of up to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-57260","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-eTy","jetpack-related-posts":[{"id":78203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-unit-te2-acquire-the-wilshire-for-98-8mil\/","url_meta":{"origin":57260,"position":0},"title":"Roxy Pacific unit, TE2 acquire The Wilshire for $98.8mil","date":"January 29, 2018","format":false,"excerpt":"\r A joint venture of RP Ventures Pte Ltd and TE2 Development Pte Ltd has acquired The Wilshire for $98.8 million, which works out to a land rate of $1,536 psf per plot ratio (ppr), revealed Savills Singapore, which brokered the deal. 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