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SINGAPORE, 17 November 2011 – Jones Lang LaSalle has successfully awarded the Dragon Mansion collective sale site through a tender sale to Spottiswoode Development Pte Ltd, a joint-venture company owned by Lian Beng Group and Centurion Properties Pte Ltd who each hold 50% equity interest, for $130,000,000. This reflects a land cost of approximately $1,093 psf ppr including a 10% bonus GFA for balconies. Each owner of Dragon Mansion will receive sale proceeds of approximately $1,911,764.71.
The 38,618 sq ft site zoned for ‘Residential’ use with a gross plot ratio of up to 2.8 can be built up to 36 storeys. The freehold site has a potential gross floor area of up 118,943 sq ft including 10% bonus GFA for balconies.
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 “There was good interest received for this collective sale tender. The positive response and competitive bids amongst the bidders signify a strong interest for prime, rare, freehold redevelopment site. The location of the site speaks for itself, coupled with high accessibility and established amenities. The site offers great potential with sea view.”
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