SURREY POINT SOLD @ S$47.8 MILLION TO CONSORTIUM LED BY AMARA HOLDINGS
Singapore, 5 Mar 2021 – The prominent dual frontage site located along Newton Road was sold to ASK Development Pte Ltd, a joint venture between Amara Holdings’ wholly-owned subsidiary Creative Investments Pte Ltd, Santarli Capital Venture Pte Ltd and Kay Lim Realty Pte Ltd.
The tender exercise at Surrey Point closed on 9th February and is the 2nd collective sale this year, after the sale of No. 2, 4 and 6 Mount Emily Road at S$18-millon last month.
The 11,977 sq ft 10-storey apartment consists of nine residential units and situated at the junction of Surrey Road and Newton Road. The land plot is zoned for residential use with allowable gross plot ratio of 2.8. Based on the site area of approx. 11,977 sq ft, the maximum permissible gross floor area is approx. 35,882 sq ft, inclusive of the additional 7 percent bonus gross floor area for balconies.
Including the estimated development charge of S$294,000, the sale price translated to a land rate of about S$1,434 per square foot per plot ratio (psf ppr).
Mr. Low Choon Sin, Managing Partner at SRI Capital Market said, “We are pleased to have concluded this collective sale for the owners and looking forward to witness the future development that comes along with unblocked panoramic view of Bukit Tunggal Good Class Bungalow Area and Chancery Lane landed estates.”
“With a calibrated release of GLS for first half of 2021, the tender exercise drew keen interest from numerous parties looking to shore up their inventory. We are confident the appeal of Newton/Novena district with its array of dining, shopping and renowned schools will continue to attract discerning buyers for the new development.”, say Mr. Tony Koe, Chief Executive Officer at SRI.
For more information or enquiries, please contact:
Mr. Low Choon Sin Managing Partner
SRI Capital Market Mobile: +65 9841 0006 email@example.com
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Mr. Tony Koe
Chief Executive Officer SRI Pte Ltd
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