08 Jun '17, 5pm

Malaysian developer pays $72m for prime site near Orchard Road

The 17,442 sq ft site could be developed into a new condominium of up to 36 storeys high. (Photo: Savills Singapore) Champsworth Development, a subsidiary of Malaysian property developer Selangor Dredging Berhad, has bought the prime freehold 1 Draycott Park apartment in District 10 for $72 million, said marketing agent Savills Singapore. The 17,442 sq ft site was purchased through a private treaty deal. The sale price works out to a unit land rate of about $1,787 psf per plot ratio inclusive of a development charge estimated at $15.3 million. Built in the 1990s, the site is currently occupied by a seven-storey block comprising eight apartments from 860 sq ft to 6,200 sq ft. It is zoned for residential use based on the Master Plan 2014, and has a plot ratio of 2.8. A new condominium of up to 36 storeys high with a maximum permissible gross floor area of 48,837 sq ft could ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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