EL Developments Pte Ltd Successfully Acquired Dunearn Gardens for S$468m
Dunearn Gardens at Newtown Road had successfully went through a collective sale on the third attempt. Acquired by EL Developments Pte Ltd. The real estate developer started out a well known firm Evan Lim Group, one of the most recognised builder in Singapore.
Dunearn Gardens sits on a site in prime district Core Central Region that is surrounded by Good Class Bungalows and land properties. The residential condo had three adjoining residential blocks, with apartment units ranging sizes from 75 to 306 sq m. The high-rise residential condo is about 150m walk away from Newton MRT station with a land size of 8,866.9 sq m, or 95,442 sq ft.
Each ex-owners of Dunearn Gardens will walk away with from the gross sale price of $2.69 million to $7.98 million, depending on the size of their apartments.
EL Development will be redeveloping the residential site to a gross plot ratio of 2.8, based on the maximum usable gross floor area of about 267,239 sq ft. Lim Yew Soon, managing director of EL Development had mentioned to redevelop the site to a high-rise condominium of 34-storey, comprising 348 units ranging one to four bedrooms. The new high-rise residential condo will be known as Pullman Residences.
The redevelopment plan is believed to appeal both owner-occupiers and investors for its prime location at the city fringe.
Dunearn Gardens collective sale committee, Mr Petras Tsui also appreciated the strong support from all the Dunearn Gardens ex-owners, consultants and lawyers.
Beside the successful collective sale El Development had acquired, the real estate developer had also acquired Singtel’s Hill Street site for $118 million with a plan to develop high-end business hotel that potentially hold more than 300 room apartments.
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