Draycott site sets new unit land price

Draycott site sets new unit land price
The freehold property, on a land area of 33,425 sq ft, has significant redevelopment potential with a plot ratio 2.1.

SINGAPORE - A new benchmark unit land price - higher by a whisker - is believed to have been set for residential land here.

Based on caveats evidence, Hong Kong's Swire Properties is thought to have bought all 12 units in the four-storey Hampton Court for $155 million. This is understood to work out to $2,526 per square foot per plot ratio (psf ppr), which is inclusive of an estimated development charge of $22.3 million.

This unit land price would pip the standing record by just $1 psf ppr set in November 2007, when Westwood Apartments in Orchard Boulevard was bought by YTL for $2,525 psf ppr.

Like Hampton Court, which stands at the corner of Draycott Park and Draycott Drive, Westwood Apartments is freehold. YTL is expected to launch a 77-unit project on that site this year.

Swire Properties Pte Ltd director Charles Bremridge, in an email response to BT's queries on Tuesday, said: "We are very pleased to confirm the purchase for investment of eight units at Hampton Court for an agreed purchase price of $99.5 million."

He declined comment on anything other than the eight units.

However, market watchers believe that because the caveats for all 12 units were lodged on the same day in December by a unit of Swire Properties Pte Ltd, the group is probably buying the other four as well.

The price for the 12 units, going by caveats information, is $155 million.

Swire Properties Pte Ltd is a recently formed, wholly owned subsidiary of Swire Properties Ltd in Hong Kong. This is its first property acquisition, said Mr Bremridge.

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