Surrey Point sold enbloc for $47.8m to Amara Holdings

Amara Holdings has agreed to buy Surrey Point, a freehold 10-story apartment building, for $47.8 million, or $1,332 per square foot based on maximum permissible gross floor space (GFA). Amara Holdings also developed Muse @ Newton which is one of the most promising properties in Singapore.

At the intersection of Newton Road and Surrey Road, the development comprises of nine residential units. The property piece, which measures 11,977 square feet and has a gross plot ratio of 2.8, is designated for residential development. The maximum allowable gross floor space is 35,882 square feet, with an extra 7% bonus gross floor space on the balconies. This indicates that the land plot may produce 36 apartments, each measuring 915 square feet.

Surrey Point Location

Orchard Road is a five-minute drive away, while Novena Square, Goldhill Shopping Centre, Courtyard by Marriott Hotel, United Square, Royal Square, and Novena Medical Hub are all within a five-minute walk of Surrey Point. It’s also 500 meters to the Newton MRT Interchange Station.

Some of the reputable schools nearby include Anglo-Chinese School (Primary), Singapore Chinese Girls’ School, Joseph’s Institution Junior, Anglo-Chinese School (Junior), St, and St. Margaret’s Primary School are among the nearby schools.

With an original reference price of $55 million ($1,532 psf based on maximum permissible GFA), the development was put up for collective sale through a public tender procedure. All of the property owners agreed to the collective sale. There is no need to apply for a strata board title.

“This is an excellent opportunity for developers or investors to own a freehold residential land in a high demand residential enclave with the chance of rebuilding into a high-rise apartment with nice views of Chancery Lane landed estates and Bukit Tunggal Good Class Bungalow Area” says Low Choon Sin, of SRI Capital Market.

“As a consequence of the preceding enbloc cycle in 2018, new project sales in the Newton region and District 11 have witnessed a high sales momentum. This highlights the attraction of the Newton and Novena neighborhoods, as well as their accessibility to restaurants, retail centers, and prestigious schools,” he says.

Internal cash, bank borrowings, and other sources would be used to support the transaction, according to Amara. It is not projected to have a significant impact on the group’s consolidated profits and net tangible assets per share in the current fiscal year, which ends on December 31, 2021.