A developer has been awarded the Dragon Mansion site at a knock-down price, making it one of the few collective sale bids to have found a buyer this year.
In May, Dragon Mansion was asking even more: between $150 million and $156 million.
The $130 million price translates to a land cost of $1,093psf ppr, including a 10% bonus gross floor area for balconies. No development charge is payable.
The sale of the property will leave owners of the building’s 68 units (about 1,324sqft each) richer by $1.91 million each. This is according to Jones Lang La-Salle, which brokered Dragon Mansion’s collective sale.
Dragon Mansion is a freehold 18-storey development zoned for residential use. The 38,618sqft site at 14 Spottiswoode Park Road has a plot ratio (ratio of maximum gross floor area to land area) of 2.8, which will allow the future development to be built up to 36 storeys.
Dragon Mansion was sold through a tender exercise which closed on Wednesday. The tender drew a handful of bids, said JLL national director and head of investments Stella Hoh.
The sale is subject to approval from Strata Titles Board.
This is the second block of Dragon Mansion to be sold. The first block next door was sold earlier to Roxy-Pacific Holdings in December 2009 for $863psf ppr. Roxy is now developing the site into Spottiswoode 18.
UOL Group paid $732psf ppr and $740psf ppr for the nearby Spottiswoode Apartment and Oakswoode Heights sites respectively in 2007 – which it is developing into Spottiswoode Residences condo.
The biggest collective sale so far this year was the sale of the mixed-use Hong Leong Garden Shopping Centre.
The development in the West Coast neighbourhood was bought by an Oxley Holdings-led consortium for $171 million in September.
Source: The Straits Times/The Business Times
As per always, it is good news that travel (in this case, being released) fast. If only marketing agents handling collective sales are as forthcoming on the status of, say, Pine Grove...
Have a good weekend everyone!