Dragon Mansion, an 18-storey residential development at 14 Spottiswoode Park Road, has been sold to Spottiswoode Development Pte Ltd, a joint venture (JV) company between Lian Beng Group and Centurion Properties Pte Ltd, for S$130 million.
Jones Lang LaSalle (JLL), which brokered the deal, said the S$130 million price tag for the site reflects a land cost of S$1,093 psf ppr, including 10 percent bonus gross floor area (GFA) for balcony space.
“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,” said Ms Stella Hoh, National Director and Head of Investments at JLL.
Located within walking distance from the Tanjong Pagar and Outram Park MRT stations, Dragon Mansion comprises 68 residential units of 123 sq m each. It has a total land area of 38,618 sq ft and is zoned for residential development with a gross plot ratio of up to 2.8, which can be built up to 36 storeys. The freehold site has a potential GFA of up 118,943 sq ft including the 10 percent bonus GFA for balcony space.
Additionally, the site is a short drive away from the CBD, Resorts World Sentosa and Marina Bay Sands. Amenities are easily available and accessibility to the rest of the island is further enhanced by major arterial roads in the vicinity.
“The location of the site speaks for itself, coupled with high accessibility and established amenities. The site offers great potential with sea view,” said Hoh.
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