Friday, March 23, 2012

Tai Keng Court fetches more than asking price

Straits Times: Fri, Mar 23
THE owners of Tai Keng Court have defied the subdued collective sale market by selling their mixed-use estate for about 25 per cent more than they asked for.

They will get $161.1 million for the freehold plot at the junction of Jalan Lokam and Upper Paya Lebar Road, which works out to $1,109 per sq ft (psf) per plot ratio (ppr).

Flat owners can expect to receive gross proceeds of about $1.89 million - around 50 per cent more than if they had sold their units individually. Shop owners will reap between $2.19 million and $2.55 million, said marketing agent Jones Lang LaSalle (JLL).

The complex has 56 apartments and 24 shops in three blocks.

The $161.1 million bid is the highest unit price achieved in at least four collective sales struck this year and largest total quantum. The previous high for the year was the $96.2 million for Seletar Garden...

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