The Chancery Court residential development along Dunearn Road has been put up for en bloc sale.
CB Richard Ellis said 124 out of the 144 units, representing more than 87 percent of the share value, have signed the Collective Sale Agreement (CSA). The prime site is located next to Anglo-Chinese School (Barker Road).
Chancery Court sits on 24,074.4 square metres of prime land and is a short walk to Newton MRT Station.
The guide price is $468 million, which equates to about $1,614 per square foot per plot ratio.
Under the Master Plan 2003, the plot ratio is 1.4 and the maximum number of storeys is five.
To maximize the plot ratio and top up the lease to a fresh 99 years, developers will have to pay a development charge of $118 million.
A developer can build about 242 units, assuming an average size of 1,500 sq ft each.
The estimated break-even is around $2,075 per square foot.
The tender exercise closes at 3 pm on 5 December 2007. - CNA/ir
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