Freehold site known as Derby Court for collective sale. The site is located in Novena enclave ofthe prime District 11.
Derby Court is a 12 storey development that sits on a corner plot measuring around 1,719.3 square meters at 5 Derbyshire Road. The development is 35 years old and is made up of 20 flats and an existing 4,932.61 square meter gross floor area.
Collective Sales for Symphony Suites
Some of Symphony Suites site’s benefits are its convenient access to the Central Business District, Orchard Road and the Novena MRT station. The site is also within 1 kilometer of schools, like Anglo Chinese Junior School and St. Joseph’s Institution (also a junior school). The site is just a short walk from three well established shopping malls as well; Square 2, United Square and Velocity at Novena Square.
More looking at Symphony Suites in Yishun
Based on the 53,094 square foot allowable Gross Floor Area of the site, Derby Court’s collective sale has an indicative price tag of S$1,286 per square foot ppr, or S$68.28 million.
There would be an approximate S$1,169 psf ppr lowered land rate which would include a 10% bonus gross floor area, a space that is allowable for balconies. Symphony Suites has the potential to accommodate close to a maximum of 70 new flats that would average 753 square feet. The estimated breakeven figure exceeds S$1,700 per square foot.
Symphny Suites Yishun
Derby Court offers an exciting and rare investment opportunity. They are expecting the site to draw a lot of interest because of the attributes of its location, the compact size and established amenities. Finding sites that have an absolute price quantum that is less that S$70 million for development that is a 36 storey high rise is very far and few between. Given the present market, this spot is a sweet one for boutique developerss