SINGAPORE, 25 June 2018 – Dalvey Court at 28 Dalvey Estate, a highly coveted and exclusive residential enclave in District 10 has been put up for collective sale. Completed in 1976, Dalvey Court is a nine-storey residential block comprising 32 apartment units of similar size. Cushman & Wakefield, the appointed marketing agent for the property has garnered the requisite 80 per cent consensus by share value and strata area for a tender launch at the reserve price of $160 million.
The site has a freehold tenure with a land area of 4,103.1 sq m (44,165 sq ft approximately). Under the Master Plan 2014, the site is zoned “Residential” with a plot ratio of 1.6 with a 12-storey height control. Dalvey Court is not affected by any traffic impact study and hence, the potential developer may build up to 93 apartments based on an average unit size of 70 sqm.
Due to the high development baseline, there is no development charge payable. Based on the current estimated gross floor area (GFA) of 7,400.69 sqm (79,660 sqft) the land rate is expected to be about $2,009 psf per plot ratio pending a GFA verification from the relevant authorities.
Dalvey Court is located just a stone’s throw from the UNESCO Heritage site, the Singapore Botanic Gardens. Units in the new development will be able to enjoy unobstructed views of lush greenery. The site is suitable for a medium-rise residential development in a low density location adjacent to the exclusive and affluent Dalvey Estate and White House Park Good Class Bungalow areas. The property is close to reputable schools such as St. Joseph’s Institution, Singapore Chinese Girls’ School, Anglo-Chinese School (Barker Road) and Nanyang Primary School. The Stevens MRT Station is a five-minute walk away. This station will also serve as an interchange station for the Downtown Line and the future Thomson-East Coast Line.
Ms. Christina Sim, Director of Capital Markets at Cushman & Wakefield, said ‘Despite being so close to the city, Dalvey Court’s proximity to Botanic Gardens ensures that the serenity and quiet surroundings of the estate is not compromised. The development is a rare gem and represents an opportunity for developers to conceptualize and create residences of distinction, befitting the prestige of this prime location.’
The tender for Dalvey Court will close at 3.00pm on 2 August 2018.
For further information, please contact:
Director, Capital Markets
+65 6317 8333 / +65 9638 8813
Associate Director, Communications
+65 6317 8349 / +65 96916449
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.