The freehold Dragon Mansion at 18 Spottiswoode Park Road, near Outram and Tanjong Pagar, has an asking price of about $120 million or $1,020 per sq ft per plot ratio. This is significantly higher than the transacted enbloc sale prices in the area during the 2007 boom. If this price is achieved, the estate’s owners will get around $1.7 million for each of the 72 units.
The estate has a land area of 41,874 sq ft and can be redeveloped into about 120 apartments of 1,000 sq ft in size.
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$120m target for first en bloc site this year
Straits Times - 15 July 2009
This year’s first en bloc sale hits the market
Business Times - 15 July 2009
The estate has a land area of 41,874 sq ft and can be redeveloped into about 120 apartments of 1,000 sq ft in size.
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$120m target for first en bloc site this year
Straits Times - 15 July 2009
This year’s first en bloc sale hits the market
Business Times - 15 July 2009
Channel NewsAsia – 14 Jul 2009
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No matter what the property agents say - owners should set their reserve price high to reflect a good price in a boom market. In 2007, many properties were sold at RPs set in the down period and lived to regret it. Even $1,020 psf for a unit in the Tanjong Pagar seems cheap to me - perhaps the owners should consider upping the RP! It's all about getting a REPLACEMENT PRICE - forget about the flippers and desperados who want to sell to make money; .... it is your one and only property and it is your home.
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