After two failed attempts at a collective sale, Parkway Mansion has finally been sold to a consortium led by Sustained Land Pte Ltd for $146.99 million.
Colliers International revealed that the sale price was 6.5 percent higher than the owners’ guide price of $138 million during the tender launched on 16 November.
The sale price and development charge of around $120 million works out to a land rate of $1,536 psf per plot ratio (ppr).
The land rate for the prime freehold development at 9 Amber Road far surpassed prices achieved in recent collective sales within the area – The Albracca (S$1,409 psf ppr), Nanak Mansions (S$1,429 psf ppr) in Meyer Road and Amber Park (S$1,515 psf ppr).
Situated just 100 metres from the upcoming Tanjong Katong MRT station at the Thomson-East Coast Line, Parkway Mansion is a 17-storey development with apartment units measuring between 169 sq m and 181 sq m.
Upon completion of the sale, each owner will stand to gain between $4.5 million and $4.7 million in gross proceeds depending on the size of their units.
The 3,620.9 sq m site is zoned for residential use with a gross plot ratio of 2.8 under the 214 Master Plan. It has a potential total gross floor area of 10,138.5 sq m.
The site could yield 130 residential units with an average size of 800 sq ft, subject to Urban Redevelopment Authority’s approval.
“Potential selling price of units at the future development could range from S$2,550 psf to S$2,600 psf. The site is not subject to the Pre-Application Feasibility Study,” said Colliers.
This article was edited by Keshia Faculin.