The en bloc bid of Dragon Mansion has gone through and has been sold for S$130 million to Spottiswoode Development, a joint venture by Lian Beng Group and Centurion Properties.
The selling price translates to about S$1,093 per square foot per plot ratio (psf ppr) including a 10 per cent bonus gross floor area (GFA) for balconies, said property consulting firm Jones Lang LaSalle.
Each owner of the property located at 14 Spottiswoode Park Road is set to receive S$1.9 million in sales proceeds.
The 38,618 sq ft site currently has an 18-storey residential block with 68 residential units of 123 sq m (1,324 sq ft) each.
Zoned for residential development, the freehold property has a potential GFA of up to 118,943 sq ft including 10 per cent bonus GFA for balconies.
Jones Lang LaSalle said the land cost without the 10 per cent bonus GFA for balconies is approximately S$1,202 psf ppr.
In a stock exchange filing, Lian Beng — which owns 50 per cent of the joint venture — said Spottiswoode plans to redevelop the property, subject to regulatory approvals.
It added it will finance the cost of acquisition through internal funds or bank borrowings.
Source : Channel NewsAsia – 17 Nov 2011