THE Strata Titles Board (STB) approved the $100.8 million collective sale of Dragon Mansion yesterday.
It is the only collective sale site to have achieved a sale price above $100 million since the global economic crisis unfolded, says the deal's broker, CKS Property Consultants.
The tender for the collective sale of Dragon Mansion was launched in July last year, marking the first such sale offering of the year.
Owners of the 72-unit condominium initially wanted $120 million, or $1,020 per sq ft (psf) per plot ratio. This was significantly above collective sale prices racked up in the 2007 boom.
Their sale tender closed on Aug 11 last year with no firm bids. A deal was eventually struck with RL Developments, a subsidiary of boutique developer Roxy-Pacific, for $100.8 million last December.
Owners of the 1,399 sq ft units in the Spottiswoode Park estate near Outram Park will pick up about $1.4 million each.
Roxy's offer came in at the end of October and it entered into a conditional agreement to acquire the site. Its offer of $100.8 million worked out to $863 per sq ft and included a development charge.
Dragon Mansion has a land area of 41,874 sq ft. A new development on the site could potentially yield a maximum gross floor area of about 117,000 sq ft - or about 120 apartments of 1,000 sq ft each.
Source: Straits Times, 11 May 2010
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