The purchase price works out to a land rate of about $1,406 psf per plot ratio. (Photo: JLL)
Landmark Tower, a 139-unit development at Chin Swee Road in District 3, has been sold for $286 million to a joint-venture company, one of which is a public-listed company, marketing agent JLL said on Tuesday (22 May).
The purchase price is slightly higher than the reserve price of $285 million, and works out to a land rate of about $1,406 psf per plot ratio after factoring in a lease upgrading premium of around $57 million.
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With this, the owners could expect to receive gross sales proceeds of $1.6 million to $4.9 million per unit, said JLL regional director Tan Hong Boon.
Completed in 1985, the development sits on a 60,821 sq ft site zoned residential under the 2014 Master Plan with a plot ratio of 4.014.
Located next to Pearl’s Hill City Park, the site is close to Chinatown and offers 360-degree views of the city.
JLL revealed that the sale was subject to various conditions being met, including “an order of sale by the Strata Titles Board and the court, where applicable, as well as the purchaser obtaining an outline planning permission and approval for lease top-up to a fresh 99 years”.
It noted that since the property is situated within the central area, “there is flexibility in terms of the number of units and their sizes to be built subject to the approval from the relevant authority”.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org