Tags: dragon mansion / enbloc

Enbloc News: Dragon Mansion sold for $130 million

- November 18, 2011 No Comments

A developer has been awarded the Dragon Mansion site at a knock-down price, making it one of the few collective sale bids to have found a buyer this year.

A joint venture between Lian Beng Group and Centurion Properties offered $130 million for the Spottiswoode Park Road site, lower than the indicative price of between $132 million and $142 million.

In May, Dragon Mansion was asking even more: between $150 million and $156 million.

The $130 million price translates to a land cost of $1,093psf ppr, including a 10% bonus gross floor area for balconies. No development charge is payable.

The sale of the property will leave owners of the building’s 68 units (about 1,324sqft each) richer by $1.91 million each. This is according to Jones Lang La-Salle, which brokered Dragon Mansion’s collective sale.

Dragon Mansion is a freehold 18-storey development zoned for residential use. The 38,618sqft site at 14 Spottiswoode Park Road has a plot ratio (ratio of maximum gross floor area to land area) of 2.8, which will allow the future development to be built up to 36 storeys.

Dragon Mansion was sold through a tender exercise which closed on Wednesday. The tender drew a handful of bids, said JLL national director and head of investments Stella Hoh.

The sale is subject to approval from Strata Titles Board.

This is the second block of Dragon Mansion to be sold. The first block next door was sold earlier to Roxy-Pacific Holdings in December 2009 for $863psf ppr. Roxy is now developing the site into Spottiswoode 18.

UOL Group paid $732psf ppr and $740psf ppr for the nearby Spottiswoode Apartment and Oakswoode Heights sites respectively in 2007 – which it is developing into Spottiswoode Residences condo.

The biggest collective sale so far this year was the sale of the mixed-use Hong Leong Garden Shopping Centre.

The development in the West Coast neighbourhood was bought by an Oxley Holdings-led consortium for $171 million in September.

Source: The Straits Times/The Business Times

As per always, it is good news that travel (in this case, being released) fast. If only marketing agents handling collective sales are as forthcoming on the status of, say, Pine Grove...


Have a good weekend everyone!
 
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Tags: dragon mansion / dunearn gardens / faber garden / jasmine court / newton lodge

Enbloc News: Faber Garden, Dunearn Gardens, Newton Lodge, Dragon Mansion & Jasmine Court

- October 18, 2011 2 Comments

Looks like everyone wants to go en bloc (or at least die trying) before the year ends...

And according to The Straits Times today, Jasmine Court in Upper Thomson Road is going for an expected price of $45 million, or about $872psf ppr. The freehold development measures 36,854sqft and can be built up to five storeys high.

The tender for this site closes on Nov 15.

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Tags: dragon mansion / enbloc

Enbloc News #1: Dragon Mansion (the other block)

- May 31, 2011 No Comments

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 39,176sqft. 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 1,167sqft costing about $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 112,959sqft. It can yield about 112 apartment units at 950sqft each, said Jones Lang LaSalle.

Dragon Mansion comprises an 18-storey block with 68 units at 1,324sqft 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 $150 million and $156 million, or from $1,340 to $1,392psf ppr, 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".

The Dragon Mansion tender closes at 3pm on July 5.

Source: Channel News Asia

With all the debates raging about whether Pine Grove or Laguna Park is the better site, THIS is the one that will probably be sold way before the other 2 sites!

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