The Business Times reported that a freehold bungalow situated at 31 Newton Road is believed to have been purchased by property firm Amara Holdings for a price of $18.8 million. This would translate to $1,256 psf based on its 14,966 sq ft land area.
Aside from this recent acquisition, Amaya Holdings also owns a nearby freeehold bungalow which is located at 29 Newton Road. It has a land area of 15,332 sq ft. The group can incorporate the two sites to form a vast development with 30,298 sq ft of total land area. This will spell out a plot ratio of 1.4 that is common to low-rise property projects. A plot ratio of 1.4 will generate a GFA of 42,417 sq ft which is big enough to accommodate 55 units that will have an average size of approximately 753 sq ft.
According to the 2014 annual report of the group, they plan of redeveloping the property at 29 Newton Road into a residential project which will hold a floor area of 21,463 sq ft. Amara Holding declined to make further statement as to when the site was contracted.
Meanwhile, 26 newton which is just across the street has just TOP and buyers can now view actual unit.