1 Draycott Park sold for $72m

The property was sold to Champsworth Development.

Savills Singapore announced that 1 Draycott Park was sold for $72m to Champsworth Development Pte Ltd, a subsidiary of Selangor Dredging Berhad. The transaction was through a private treaty deal.

The freehold site is currently occupied by a 7-storey block. Built in the 1990s, the development comprises 8 apartments ranging in size from 860 sq ft to 6,200 sq ft. Based on the Master Plan 2014, it is zoned for residential use with a plot ratio of 2.8. The site can be redeveloped up to a height limit of 36 storeys with a maximum permissible Gross Floor Area of 48 837 sq ft.

“The unparalleled No. 1 Draycott Park address is the key attraction of the site. The 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 the well-heeled single professionals, DINKs, young families and investors who covet to own a piece of property in the posh locale,” says Suzie Mok, senior director of Investment Sales at Savills Singapore.