Dragon Mansion up for en bloc sale

Prime residential freehold property Dragon Mansion at 14 Spottiswoode Park has been put up for collective sale tender by its sole marketing agent Jones Lang LaSalle.

Another Dragon Mansion site, located at 18 Spottiswoode Park, was sold to Roxy Pacific subsidiary Roxy Land in December 2009 for S$100.8 million. It has since been redeveloped into the new Spottiswoode 18.

The land site for sale has a redevelopment area of 39,176 square feet.

It includes another land site housing a substation.

The redevelopment area has a gross plot ratio of 2.8 and its new property can be built up to 36 storeys.

There is no development charge payable on the site.

Subject to approval, an adjoining state land of 1,167 square feet costing about S$1.22 million could be added into the redevelopment area.

This will bring the total land area including the state land to a potential gross floor area of 112,959 square feet.

It can yield about 112 apartment units at 950 square feet each, said Jones Lang LaSalle.

Dragon Mansion comprises an 18-storey block with 68 units at 1,324 square feet each.

It is within walking distance to Outram MRT Station and Tanjong Pagar MRT Station, and a short drive away from the central business districts and daily amenities.

The indicative price for Dragon Mansion is between S$150 million and S$156 million, or from S$1,340 to S$1,392 per square foot per plot ratio, said Jones Lang LaSalle.

Jones Lang LaSelle’s head of investments Stella Hoh said: “The subject site offers the potential developer an opportunity to acquire a prime piece of land in the CBD fringe area.

“Rejuvenation of Tanjong Pagar such as the relocation of the port and railway station and plans for Tanjong Pagar to be the next ‘waterfront city’ will inevitably add value to the potential of the subject site”.

Source : Channel NewsAsia – 30 May 2011

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