Source : Channel NewsAsia – 1 Dec 2009
Dragon Mansion at 18 Spottiswoode Park Road has become the first successful en bloc sale in Singapore this year.
The property was sold to a unit of Roxy-Pacific Holdings for S$100.8m including the development charge. That translates to about S$863 per square foot per plot ratio.
CKS Property Consultants launched a tender for the site in July, after it obtained consent from more than 80 per cent of the owners to proceed with the sale.
The collective sale is subject to approval from the Strata Titles Board. Each owner of the 72 units of 3-bedroom apartments is expected to receive S$1.4m in sale proceeds.
The freehold site has a land area of about 42,000 square feet and is designated for residential use with a plot ratio of 2.8. CKS Property Consultants said the new development could potentially accommodate some 120 units of 1,000-square-foot apartments.
The brokers said the sale price sets a new benchmark for the Spottiswoode Park area, and reflects the limited availability of such freehold residential land near the Central Business District.
CKS Property Consultants is also the marketing agent for Mayfair Gardens in the prime Bukit Timah area. It said consent has already been obtained from more than 80 per cent of the owners to proceed with the sale and the collective sale tender will be launched soon.
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