Champsworth Development, a subsidiary company of Malaysian property developer Selangor Dredging, has bought 1 Draycott Park for $72 million.
The sales transaction was brokered by Savills Singapore who said in a press release that the developer plans to building mid-rise apartments and the break-even price for the re-development will be between $2,700 to $2,800 psf.
1 Draycott Park is located in Claymore Hills and comprises of a 7-storey block housing eight apartments ranging from 860 sq ft to 6,200 sq ft. It is within walking distance to Orchard Road and in close proximity to the Tanglin Club and American Club.
The sales price of $72 million for the 17,442 sq ft site converts to about $1,787 per sq ft per plot ratio. The developer has said that the acquisition of 1 Draycott Park will be funded by both internal funds as well as bank loans.