Freehold residential property Cavenagh Mansions has been sold to SDB Asia for S$42.4 million.
Property consultancy Knight Frank said this translates to a land price of S$1,025 per square foot per plot ratio on the potential saleable area of 41,608 square feet.
SDB Asia is a wholly-owned subsidiary of Selangor Dredging Berhad (SDB).
SDB is a property development and management group listed on the main board of Bursa Malaysia.
Cavenagh Mansions sits on a land area of 19,813 square feet.
The district 9 site currently comprises 21 apartment units with sizes ranging from 90 to 153 square feet.
The development charge is estimated at S$267,000.
Cavenagh Mansions is fully owned by Teck Jin (Private) Limited, and the sale therefore does not need approval by the Strata Titles Board or High Court.
Source : Channel NewsAsia – 16 Jul 2010