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News Release


Derby Court site sold for $73.88 million

Freehold site in Novena in third attempt

​SINGAPORE, 13 December 2017 – Derby Court, a 20-unit development at Derbyshire Road, has just been sold via a collective sale tender exercise to RH Developments Two Pte. Ltd., a subsidiary of Roxy-Pacific Holdings Limited,  by sole marketing agent, JLL. This is the third time that the property was offered for sale collectively. 

Under the 2014 Master Plan, the 18,506 sq ft site is zoned ‘Residential’ with a gross plot ratio of 2.8. The gross floor area (GFA) verification at approximately 53,153 sq ft for the development reflects an equivalent plot ratio of 2.872. 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 Novena MRT Station, amenities, good schools and the CBD. Health City Novena, a world class medical city, is also in the vicinity. 

Mr. Tan Hong Boon, Regional Director at JLL, says: “The tender was keenly contested and attracted seven tender bids comprising of local and foreign developers and funds. The successful sale price of $73.88 million reflects a unit land rate of approximately $1,390 psf per plot ratio, based on the “as-built” gross plot ratio of about 2.872. Development charge is not payable for the proposed redevelopment even with this additional bonus 10 per cent balcony GFA due to its high development baseline”. 

“There are not many sites of similar size and scale that are available for redevelopment in the Novena area, as most of the smaller projects have been sold en bloc and redeveloped over the years. The response to this tender reflects the confidence level from developers for this kind of sites.”

 “The successful sale price would mean the owners can expect to receive gross sales proceeds of between $3.36 million and $6.65 million per unit,” says Mr. Tan.