The Spring Grove condominium (pictured) on Grange Road is set to go on collective sale after the majority of homeowners gave the green light for the deal, media reports said.
As of 23 March, 264 out of 325 owners have inked the collective sale agreement, read a notice emailed to residents. This translates to 81 percent of the development’s overall strata area and share value.
Aside from that, the five-day cooling-off period enacted after the approval was given has already lapsed.
Owners will get an average of $2,600 psf for their two- to four-bedroom apartments and penthouses, noted Sales Committee Chairman Joseph Chia and Ian Loh, Director and Head of Investment & Capital Markets at Knight Frank, the agency brokering the deal.
Considering that Spring Grove’s total strata area is around 438,576 sq ft, the price tag is expected to reach a whopping $1.14 billion.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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