This makes Dragon Mansion the first collective sale site to have successfully obtained STB's Sale Order under the stricter legislation governing collective sale that came into force in October 2007.
At $100.8 million, Dragon Mansion is the only collective sale site that has achieved a price above $100 million since the global economic crisis hit, said the announcement by CKS Property Consultants, which brokered the deal.
Roxy-Pacific Holdings entered the agreement to acquire the collective sale last October and obtained consent from at least 80 per cent of the residents in December.
Built in the '70s, Dragon Mansion is located in the Spottiswoode Park area and comprises 72 three-bedroom apartments. Owners of each 1,399 square foot unit will receive about $1.4 million.
The freehold site has a land area of nearly 42,000 sq ft and is designated for residential use with a plot ratio of 2.8. The new development could potentially yield a maximum gross floor area of approximately 117,000 sq ft, which translates to an estimated 120 apartments of 1,000 sq ft.
TODAY - May 11, 2010
No comments:
Post a Comment