Strata Titles Board approves collective sale of Dragon Mansion

The Strata Titles Board (STB) has approved the collective sale of Dragon Mansion to RL Developments, a wholly-owned unit of Roxy-Pacific Holdings.

This makes Dragon Mansion the first collective sale site to have successfully obtained STB’s Sale Order under the stricter legislation governing collective sale that came into force in October 2007.

At a sale price of S$100.8 million, Dragon Mansion is also the only collective sale site which has achieved a sale price of above S$100 million since the onslaught of the global economic crisis.

Dragon Mansion, in the Spottiswoode Park area, comprises 72 units of 3-bedroom apartments.

Owners of each 1,399 square foot unit will receive S$1.4 million in sale proceeds.

The freehold site has a land area of nearly 42,000 square feet and is designated for residential use with a plot ratio of 2.8.

The new development could potentially yield a maximum gross floor area of approximately 117,000 square feet, which translates to an estimated 120 units of 1,000 square foot apartments.

Source : Channel NewsAsia – 10 May 2010

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