Jones Lang LaSalle (JLL) has launched Dragon Mansion, a prime freehold residential redevelopment site for collective sale through a tender.
The site comprises two plots of land — Dragon Mansion and a substation. Zoned for residential use, the sites have a total area of 39,176 sq ft and a maximum gross plot ratio of 2.8.
Additionally, the adjoining state land can be combined to yield a potential maximum gross floor area (GFA) of 112,959 sq ft, subject to approval.
Located at 14 Spottiswoode Park Road, the redevelopment site houses an 18-storey residential block comprising 68 residential units of 123 sq m each. It is near the Tanjong Pagar and Outram Park MRT stations, as well as various major arterial roads.
“The subject site offers the potential developer an opportunity to acquire a prime piece of land in the CBD fringe area. Rejuvenation of Tanjong Pagar such as the relocation of the port and railway station and plans for Tanjong Pagar to be the next ‘waterfront city’ will inevitably add value to the potential of the subject site,” said Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle.
The site’s indicative price ranges from S$132 million to S$142 million (or S$1,200 psf ppr to S$1,290 psf ppr), subject to the tender process.
JLL noted that the tender for the site will close on 16 November 2011.
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