348-unit luxury condo to be built on Dunearn Gardens site

The site was sold en bloc to EL Development for $468m.

Dunearn Gardens, a 114-unit residential development located off Newton Road, has been sold collectively to a fully owned subsidiary of EL Development Pte Ltd, for $468m, Knight Frank said.

EL Development managing director Lim Yew Soon said, “We are very delighted to acquire Dunearn Gardens, a good sized freehold site in a prime district. We intend to redevelop the site into a 34-storey luxury condominium comprising of 348 units of 1- to 4-bedroom units.”

The sale price includes a development charge of $43.6m to redevelop the site to a gross plot ratio (GPR) of 2.8 based on the maximum permissible Gross Floor Area (GFA) of approximately 267,239 sqft, translates to a land price of approximately $1,914 psf ppr. With the inclusion of a 10% bonus balcony and a proposed plot ratio of 3.08 (2.8 + 10% balcony), the land price works out to approximately $1,841 psf ppr, subject to the authorities’ approval.

Each owner will stand to receive a gross sale price of approximately $2.69m to $7.98m.

Dunearn Gardens is a private residential estate comprising three adjoining residential blocks of 114 apartment units ranging from 75 sqm to 306 sqm and has a site area of 8,866.9 sqm (95,442 sqft).

“The immediate vicinity is predominantly surrounded by Good Class Bungalows, landed homes and high-rise condominiums, with many reputable schools located within a 2km radius and Newton MRT Interchange just 150 metres’ walk from the development,” Knight Frank said.

Dunearn Gardens Collective Sale Committee deputy chairman Petras Tsu commented, “This is our third attempt at a collective sale and we appreciate the strong support rendered by our fellow owners and our appointed consultants and lawyers during this journey.”