Amara Holdings has entered into an agreement to acquire Surrey Point, a freehold 10-storey apartment block at a purchase price of $47.8 million, or $1,332 psf based on maximum allowable gross floor area (GFA).
The development consists of nine residential units at the junction of Surrey Road and Newton Road. The land plot measuring 11,977 sq ft is zoned for residential use with an allowable gross plot ratio of 2.8. The maximum permissible gross floor area is 35,882 sq ft, inclusive of an additional 7% bonus gross floor area at the balconies. This means that the land plot can yield 36 units with an average size of 915 sq ft.
The property can also be converted to serviced apartments or co-living apartments, subject to the approval of authorities.
Surrey Point is within a five-minute drive to Orchard Road and within a five-minute walk to Novena Square, United Square, Courtyard by Marriott Hotel, Royal Square, Goldhill Shopping Centre and Novena Medical Hub. Newton MRT Interchange Station is also 500m away.
Schools in its proximity include Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), St. Joseph’s Institution Junior, Singapore Chinese Girls’ School and St. Margaret’s Primary School.
The development was put up for collective sale via a public tender exercise with an initial guide price of $55 million ($1,532 psf based on maximum allowable GFA). The collective sale achieved the consensus of all the owners. No strata board title application is required.
SRI Capital Market is the exclusive marketing agent.
Low Choon Sin, managing partner at SRI Capital Market, says: “This is an excellent opportunity for developers or investors to own a freehold residential land in a highly sought-after residential enclave with the possibility to redevelop into a high-rise apartment with unblocked panoramic views of Bukit Tunggal Good Class Bungalow Area and Chancery Lane landed estates.”
“New project sales in the Newton area and District 11 have seen a strong sales momentum resulting from the previous enbloc cycle in 2018. This demonstrates the appeal of Newton and Novena districts and proximity to restaurants, shopping malls and renowned schools”, he adds.
Amara says the acquisition will be financed by internal funds, bank borrowings and other sources. It is not expected to have material effect on the consolidated earnings and net tangible assets per share of the group for the current financial year ending Dec 31, 2021.