The Chancery Court residential estate at Dunearn Road in Singapore was sold via an en-bloc deal for roughly S$401.8 million, 6% more than its reserve price of S$390 million, The (Singapore) Business Times reported, citing its marketing agent OrangeTee Advisory Pte. Ltd.
The sale price for the privatized Housing and Urban Development Co. estate is equivalent to about S$1,610 per square foot per plot ratio, including a differential premium and lease upgrading premium of approximately S$182.4 million, according to the May 17 report.
Owners of the asset's 136 apartments and eight commercial units are estimated to receive gross sale proceeds of S$1.8 million to S$3.5 million and S$934,000 to S$4.7 million, respectively.
The site has the potential to be transformed into a five-story residential development with up to 481 units, based on average size of 70 square meters, the publication noted.
As of May 16, US$1 was equivalent to S$1.34.
