Singapore prime residential freehold property Dragon Mansion at 14 Spottiswoode Park has been put up for collective sale by Jones Lang LaSalle, Today newspaper has reported.
The site has a redevelopment area of 39,176 sq ft, including another plot housing a substation. The gross plot ratio is 2.8 and the new property can be built up to 36 storeys.
There is no development charge payable. Subject to approval, an adjoining plot of state land of 1,167 sq ft costing about S$1.22 million (US$990,000) could be added.
This will bring the total potential gross floor area to 112,959 sq ft. It can yield about 112 apartment units at 950 sq ft each, said Jones Lang LaSalle.
Dragon Mansion is within walking distance of Outram Park MRT Station and Tanjong Pagar MRT Station and a short drive away from the Central Business District and daily amenities. The indicative price is between S$150 million and S$156 million (US$122-US$127 million), or from S$1,340 to S$1,392 (US$1,088-US$1,130) psf per plot ratio, said Jones Lang LaSalle.
Another Dragon Mansion site, located at 18, Spottiswoode Park, was sold to Roxy-Pacific’s subsidiary Roxy Land in December 2009 for S$100.8 million (US$81.87 million). It has since been redeveloped into the new Spottiswoode 18.
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