Fragrance Properties has acquired Culford Garden, a 24-unit apartment at Siglap, for $39 million in a collective sale – the third successful en bloc sale this year.
Each owner could receive an average of 1.625 million from the sale’s proceed.
The sale price translates to a land rate of around $632 psf ppr at a Gross Plot Ratio of 1.4.
Property consultancy firm Credo Real Estate said that 83 percent of owners have already agreed to the sale, and the sales committee is hopeful that it will obtain the go signal from the remaining owners.
With an allowable height of five storeys, the site has been earmarked for residential development.
According to Mr. Karamjit Singh, managing director of Credo Real Estate, Fragrance is looking at owners vacating Culford Garden by the end of 2010.
Mr. Colin Tan, research and consultancy head of Chesterton Suntec International, believes that this is a reasonable en bloc price, given the current hot property market and the almost 25-year-old apartments. “This could be why the developer is keen for this en bloc,” he added.
The freehold site, which has a combined land area of 44,093 sq ft, is located in District 15, just a short drive from amenities and food outlets in East Coast Park. It is also accessible to the Central Business District through the East Coast Parkway.