Goodrich Park Condominium and Cavenagh Mansions have been sold after their respective tenders closed last week.
Goodrich Park, located at the Upper Serangoon area was sold by BBR Holdings through an en bloc sale for $86 million. This translates to a unit price of $629 psf ppr, with no development charge.
With a plot ratio of 1.4, the 97,703-sq-ft development is zoned for residential use only. It was brokered by Credo Real Estate. "We received close to five bids," said Karamjit Singh, managing director of Credo Real Estate.
As the en bloc sale has not garnered unanimous approval from the owners, it will still need approval from the Strata Titles Board. "We hope that some, if not all, of the remaining owners who have yet to sign the collective sale agreement will now come on board, given the property has achieved a price higher than the $80-85 million we went to the market with," Mr. Singh added.
Meanwhile, Cavenagh Mansions at District 9 has been sold to a Malaysian developer for $42.38 million. This translates to around $1,025 psf of gross floor area, inclusive of an estimated development charge of $267,000.
The 20-year-old site, which was sold by Teck Jin Pte Ltd, comprises 21 apartment units. It has a maximum area of 19,813 sq ft and is zoned for residential use with a 2.1 plot ratio under Master Plan 2008.
Property developer Knight Frank handled the sale of Cavenagh Mansions.