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News Release

Singapore

Derby Court launched for sale

Prime freehold site in District 11 for development


SINGAPORE, 15 November 2017 – Derby Court, a collective sale site along Derbyshire Road, has just been launched for sale by tender by sole marketing agent, JLL. 

Built around 1979, Derby Court comprises 18 apartments of 185 sqm each and 2 penthouses of 362 sqm each, totaling 20 units in one 12-storey apartment block. More than 80 per cent of the owners have consented to the collective sale at a minimum price of $62 million.

Under the 2014 Master Plan, the 18,506 sqft site is zoned ‘Residential’, with a gross plot ratio of 2.8. The gross floor area (GFA) verification at 53,094 sqft for the development reflects an equivalent plot ratio of approx. 2.869. It may be redeveloped to accommodate a high-rise apartment development of around 24 to 25 storeys based on the height control on the site at 99 metres AMSL. 

The Novena locale is an established private residential enclave that enjoys a strong following from both locals and expatriates alike, due to its close proximity to amenities, good schools and the CBD. Health City Novena, a world class medical city is also in the neighbourhood. 

“Derby Court, with its prime location, freehold tenure and proximity to good schools, stands out amidst the many collective sale sites that are presently being marketed”, says Mr. Tan Hong Boon, Regional Director at JLL. 

“We expect strong interest for this site due to the affordable quantum and the reasonable pricing and owners are certainly expecting developers to bid well in excess of their reserve price. This compares favorably with the recent land sales and the strong demand among developers which can be seen from competitive bidding at recent land tenders. At the owners’ reserve price of $62 million, it reflects a land rate of approximately $1,168 psf per plot ratio, based on the “as-built” gross plot ratio of about 2.869. Factoring in the 10 per cent bonus balcony plot ratio, the effective land rate is only $1,062 psf per plot ratio. Development charge is not payable for the proposed redevelopment even with this additional bonus 10 per cent balcony GFA,” continues Mr. Tan. 

Mr. Tan says: “Derby Court has a high development baseline equivalent to a plot ratio of approximately 3.908. It is therefore insulated from the half-yearly development charge rate revisions by the Chief Valuer, with the next hike expected on 1 March 2018”. 

“Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable GFA of 58,403 sq ft into 70 apartments.” 

Established shopping amenities, popular eateries and hip cafes are readily accessible with United Square, Goldhill Shopping Centre, Novena Square, and Square 2 all located within walking distance to Derby Court.

At the same time, Derby Court is 2 train stops to Orchard, 3 stops to Botanic Gardens and 15 minutes’ drive to the CBD. Novena MRT station is located approximately 560m or 7 minutes’ walk away from the subject site. 

Derby Court is just across the road from St Joseph’s Primary Institution (Junior), with the Anglo-Chinese School (Junior) within 1km. Popular Schools within 2 km of the site include Anglo- Chinese School (Primary), CHIJ Primary (Toa Payoh), Hong Wen School and St Margaret’s Primary School. 

“The site’s strategic position on the corner of Derbyshire Road may offer developers some degree of flexibility in designing the new apartments such that the number with unblocked views is maximized. The new high-rise tower could be positioned to overlook St Joseph’s Institution (Junior)’s low-rise facilities on one direction and towards the CBD on the opposite direction.” says Mr. Tan. 

“For developers looking for smaller sites in District 11 with proximity to good schools, Derby Court would be a good investment choice. With a smaller development which is centrally located, developers would not need to worry about being unable to sell off their units within the five-year ABSD remission deadline,” added Mr. Tan. 

The tender for Derby Court closes on Tuesday, 12 December 2017, at 2.30 p.m.


Note to editors:

1. For a high-resolution photograph of the property, please click here.