Friday, November 18, 2011

Dragon Mansion goes for $130m

Straits Times: Fri, Nov 18
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.

A joint venture between Lian Beng Group and Centurion Properties offered $130 million for the Spottiswoode Park Road site, lower than the indicative price of between $132 million and $142 million.

In May, Dragon Mansion was asking even more: between $150 million and $156 million.

The $130 million price translates to a land cost of $1,093 per sq ft per plot ratio, including a 10 per cent bonus gross floor area for balconies.

The sale of the property will leave the owners of the building's 68 units richer by $1.91 million each.

Dragon Mansion is a freehold 18-storey development zoned for residential use. With a gross plot ratio of 2.8, the future development could be built up to 36 storeys.

The site is close to the Central Business District and the two integrated resorts. Jones Lang LaSalle (JLL), the agent brokering the sale, said the plot was near to amenities and major roads in the vicinity that connected Dragon Mansion to the rest of the island.

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 © Singapore Press Holdings Ltd

Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

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