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News Release

Singapore

Rare opportunity to purchase a Prime Freehold Residential Redevelopment Site at the City Fringe

Re-launch Collective Sale by Tender closing on 16 November (Wednesday) at 3pm


SINGAPORE, 18 Oct 2011 – Sole Marketing Agent Jones Lang LaSalle is presenting for collective sale by tender, a prime freehold residential development, Dragon Mansion, which is located at the fringe of the Central Business District (CBD).
 
The redevelopment site consists of 2 plots of land, Dragon Mansion and a substation. The combined sites of 39,176 sq ft zoned for ‘Residential’ use with a gross plot ratio of up to 2.8 can be built up to 36 storeys. In addition, the adjoining state land could potentially be amalgamated yielding a potential gross floor area (GFA) of up to 112,959 sq ft, subject to approval. No development charge is payable on the 2 sites.  However, a land premium of approximately $1.37 million is payable for the alienation of the state land of approximately 1,167 sq ft. The redeveloped site could potentially yield some 112 apartment units with an average size of 950 sq ft each.
 
Dragon Mansion, located at 14 Spottiswoode Park Road is currently an 18-storey residential block comprising 68 residential units of 123 sq m each and is within walking distance to the Tanjong Pagar and Outram Park MRT Stations. The subject site offers excellent accessibility being a short drive away from the CBD, Marina Bay Sands and Resorts World Singapore Integrated Resorts. Amenities are easily available and the accessibility to the rest of the island is further enhanced by major arterial roads in the vicinity.
Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, comments “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. Conveniently located between Tanjong Pagar and Outram Park MRT Stations coupled with excellent sea views for the high floors, the site is anticipated to generate good response for the tender”.
 
The indicative price is in the region of $132 million - $142 million (or $1,200 - $1,290 per sq ft per plot ratio) subject to the tender process.  The indicative price works out to $1,095 - $1,180 per sq ft per plot ratio, if the 10 per cent bonus gross floor area allowed for balcony space is included. The tender will close at 3pm on 16 November (Wednesday) 2011.