The freehold project sits on a 35,751 sq ft site and is close to the Newton, Novena and Little India MRT stations. (Photo: Teakhwa Real Estate)
Gilstead Mansion, a 24-unit freehold condominium in District 11, has been launched for collective sale via public tender, with the owners hoping to get at least $68 million, reported the Business Times.
The expected minimum price translates to a land rate of approximately $1,564.50 psf per plot ratio (psf ppr), with no development charge payable. In comparison, the nearby Chancery Court and Dunearn Gardens were sold collectively for $401.78 million ($1,610 psf ppr) and $468 million ($1,914 psf ppr) respectively.
More: Developers’ En Bloc Appetite Diminishing: RHB
Located at Gilstead Road close to Novena, the project sits on a 35,751 sq ft site with a gross plot ratio of about 1.22 based on its gross floor area of 43,463.8 sq ft. It is also near the Newton, Novena and Little India MRT stations.
According to marketing agent Teakhwa Real Estate, the site may be redeveloped into 22 cluster terrace homes, or the existing approved apartment housing as long as the GFA and the four-storey height are not increased.
The tender exercise for Gilstead Mansion closes on 3 July.
Teakhwa also revealed that 330 unit owners at the 487-unit Dairy Farm Estate at Upper Bukit Timah have consented to the proposed en bloc sale. This means 60 unit owners still need to give their nod to get the approval of 80 percent of the owners for the collective sale to proceed. The marketing agent hopes to launch the tender next month or in early-August.
Learn more about the Novena/Newton area and search for properties to buy or rent.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
