Dragon Mansion, an 18-storey prime freehold residential property at the fringe of the Central Business District (CBD), has been offered for collective sale with an indicative price of between S$150 million and S$156 million.
This works out to around S$1,340 to S$1,392 psf ppr, said sole marketing agent Jones Lang LaSalle (JLL).
The redevelopment site comprises two land parcels, Dragon Mansion and a substation, which can yield a potential gross floor area (GFA) of up to 112,959 sq ft, subject to approval.
The property has a combined area of 39,176 sq ft and is zoned for residential use, with a gross plot ratio of up to 2.8.
“The subject site offers the potential developer an opportunity to acquire a prime piece of land in the CBD fringe area,” said Ms. Stella Hoh, National Director and Head of Investments at JLL.
No development charge (DC) is payable but a land premium of approximately S$1.22 million is payable for the alienation of the state land of approximately 1,167 sq ft. The redeveloped site can yield up to 112 housing units, with an average size of 950 sq ft.
Dragon Mansion, which is located at 14 Spottiswoode Park Road, currently comprises 68 residential units of 123 sq m each and is within walking distance of the Tanjong Pagar and Outram Park MRT stations. It offers excellent accessibility to the CBD, Resorts World Singapore Integrated Resorts and Marina Bay Sands.
“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. Conveniently located between Tanjong Pagar and Outram Park MRT stations, coupled with excellent sea views for the high floors, the site is anticipated to generate good response for the tender,” said Ms. Hoh.
The tender for the redevelopment site will close on 5 July 2011.
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