A unit of Malaysian property developer Selangor Dredging has bought a prime freehold residential plot in the plush Orchard area.
Champsworth Development (50 % owned by SDB International, a subsidiary of Selangor Dredging) paid $72 million for 1 Draycott Park. The sale price includes a development charge of about $15.3 million, translating to about $1,787 per sq ft per plot ratio, for the 17,442 sq ft site.
The developer purchased the land via private treaty from Ms Seow Ai Ling and Mr Tang Wee Houe who is an architect.
The developer said it was considering building “exclusive mid-rise apartments” on the site, which now has a seven-storey block built in the 1990s, with eight apartments ranging from 860 sq ft to 6,200 sq ft. The site, zoned residential, can be redeveloped up to 36 storeys high.
The site is in the residential enclave of Claymore Hill and Ardmore Park, near the Tanglin Club and American Club, which is also within walking distance of Orchard Road.
The purchase will be 30 per cent paid for with internal funds and the rest with bank borrowings. The break-even price for the new development is expected to be between $2,700 and $2,800 psf.
SGBayHomes - Homes by the Bay 