In 2018, Chancery Court (a former Housing And Development Urban Company) was sold for $401.78 million.
In its place, a posh new condo at Dunearn road will be built, and is currently scheduled for launch in the 2nd quarter of 2020.
Located at a premium location with entertainment, food and schooling options aplenty, the new condo at Dunearn road is an ideal place for both quality family living and investment.
Residents will also get to enjoy convenience at its finest. Just one station away from the upcoming Orchard Interchange Station in 2021, this centrally located new condo at Dunearn Road will provide easy access to all parts of the island.
It is also close to major expressways CTE and PIE, allowing residents to enjoy fast travel by both public transport and car.
As for schooling options, residents will be spoiled for choice.
The new condo at Dunearn road, former site of Chancery Court, is within 1km to Anglo Chinese Primary School and Anglo Chinese Junior School; and within 2km to St Joseph’s Institution, Singapore Chinese Girls School, Saint Margaret’s Primary School, Raffles Girls Secondary School, Catholic Junior College and National University Of Singapore.
Nearby malls include the plethora of shopping, entertainment and food options at the Orchard shopping belt (less than 1km away). Popular malls like Plaza Singapura, Shaw House, Far East Plaza and many others are within close proximity.
In addition, residents can enjoy delightful hawker fare at the nearby Newton Food Centre and Pek Kio Market.
In terms of investment, even though the price has not been announced, upcoming developments in District 11 (where the condo is located) and its strategic location will likely lead to high potential capital appreciation in the future.
Residents will be proud owners of a condo in one of Singapore’s most premium locations, and that their units are likely to rise significantly in value over time.
Former Chancery Court Project Summary
Developer: Far East Organization
Condo Name: To Be Announced
TOP Date: 2023
Total Units: To Be Announced
Tenure: 99 Years Leasehold
Address: 36A Dunearn Road 309426
Development: Full Condo Facilities Including Swimming Pool, BBQ Pits, Gym, Function Rooms
Former Chancery Court Location
The new condo at Dunearn Road is located within the heart of Singapore. Its strategic location provides unparalled convenience for travelling to all parts of the island.
Just one MRT station from the upcoming Orchard Interchange Station, and with easy access to major expressways like CTE and PIE, residents will enjoy ease of travel by both public and private transport.
Former Chancery Court Unit Mix
To Be Announced
Former Chancery Court Pricing
To Be Announced
Former Chancery Court Floorplans
To Be Announced
Former Chancery Court Site Plan
To Be Announced
The new condo at Dunearn road, located at the former site of Chancery Court, is located close to many elite primary and secondary schools, JC and university.
They include Anglo Chinese Primary School, Anglo Chinese Junior School, St Joseph’s Institution, Singapore Chinese Girls School, Saint Margaret’s Primary School, Raffles Girls Secondary School, Catholic Junior College and National University Of Singapore.
Entertainment options come in the form of the multitude of malls located at the nearby Orchard shopping belt, less than 1km away. Popular malls like Plaza Singapura, Shaw House, Far East Plaza and many others are within 5-10 minutes away.
For residents with a fondness for local delights, Newton Hawker Centre and Pek Kio Market are nearby options that will satisfy hawker food cravings.
Comparative Market Analysis
Pricing Overview of D11 projects
Even though the cooling measures implemented in 2018 has affected Singapore property prices, the value of District 11 properties has remained robust and competitive.
This is due to an ongoing influx of property sales in the area from both affluent locals and foreign buyers.
As one of Singapore’s most premium locations, District 11 properties have largely been shielded from the cooling measures fallout.
In order to accurately gauge the value of the new condo at Dunearn road, 2 factors will be key in determining its launch and future worth: Sales Volume Of Surrounding Properties and Rental Demand.
As you can see, sales volume of District 11 property has remained healthy despite the cooling measures.
Ongoing and upcoming developments in District 11 are likely to drive prices higher in future.
Which means that for buyers who purchase a unit at the new condo at Dunearn road, they are investing in an appreciating asset that can increase greatly in value over time.
Rental Yield of D11 projects
Rental yields for properties in D11 are approximately 2.8% to 3.9%.
Most are in the 3.0% to 3.3% range, which is not uncommon in today’s residential market.
Rental demand for District 11 properties has been steadily growing over the years.
Due to its close proximity to town and CBD, District 11 properties are highly popular among the increasing number of expats working in the area.
This has allowed owners to command high rental fees, safe in the knowledge that there will be demand from potential tenants.
Should you choose to use a unit at the new condo at Dunearn road for investment purposes, you can reap the rewards of high rental yield from a growing pool of expat tenants.
Asking rentals in the Chancery Court area, based on PropertyGuru listings, are approximately:
1 bedroom/studio: $2800 to $3500 per month
2 bedroom: $3000 to $5500 per month
3 bedrooms: $5000 to $8000 per month
4 bedrooms: $8000 and above
Due to the location near good schools such as ACS, SJI and SCGS, rental properties are in demand.
Expatriates and local families who want to send their kids to these brand name schools would be potential renters.
Things to note before buying
For potential buyers, do note some of the important rules and regulations.
Loan-to-value ratios generally 75%. Downpayment of 25% would need to be paid in the form of 5% cash an 20% CPF.
If property price is more than $1mil, the buyer stamp duty is calculated as e.g. $1m x 4% – 15400 = $24600.
This will be paid to the government.
If you have a residential property under your name and want to buy another, there will be an additional tax called the Additional Buyer Stamp Duty tax (ABSD)
For Singaporeans, a second property purchase attracts 12% ABSD, third or more property attracts 15%.
For PRs, first property attracts 5% ABSD, second or more attracts 15%.
For foreigners, a flat 20% ABSD applies.
There is a Total Debt Servicing Ratio that you must meet. This is 60% of your monthly income.
If you earn $10k a month, you can spend a max of $6k paying the monthly mortgage.
We can recommend bankers who can give you an indicative maximum amount of loan you can take given your combined household income, credit card bills, outstanding loans etc.
Some savvy investors use trusts to buy properties to avoid paying the ABSD.
The downside is that no loan can be taken to buy a property under trust.
Drop us a whatsapp msg or leave your contact below and we can explain more about the upcoming Chancery court development.