An Amara Holdings joint venture (JV) has agreed to acquire freehold residential development Surrey Point for S$47.8 million, the mainboard-listed property developer and hotelier said in a bourse filing on Thursday evening.

That price tag translates to a land rate of about S$1,434 per square foot per plot ratio (psf ppr), based on the total site area of 11,977 square feet (sq ft) and gross plot ratio of 2.8, inclusive of development charge, sole marketing agent SRI Capital Market’s managing partner Low Choon Sin told The Business Times (BT).

“The site has a very high development baseline, so the development charge is nominal at just around S$294,000 or so,” Mr Low said.

Located at 2 Surrey Road in Newton, the 10-storey building with nine residential units was launched for collective sale via public tender in January 2021 with a guide price of S$55 million. SRI said then that the guide price worked out to a land rate of about S$1,661 psf ppr, inclusive of development charge.

The land is zoned for residential use. Including an additional 7 per cent bonus gross floor area (GFA) for balconies, the maximum permissible GFA is around 35,882 sq ft.

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