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Thread: Dragon Mansion sold for S$130m

  1. #1
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    Default Dragon Mansion sold for S$130m

    http://www.businesstimes.com.sg/sub/...41216,00.html?

    Published May 31, 2011

    Dragon Mansion up for collective sale at $150-156m


    DRAGON Mansion, a freehold residential development located on the fringe of the Central Business District, is up for collective sale with an indicative price of $150-156 million, or $1,340-1,392 per square foot per plot ratio (psf ppr).

    Sole marketing agent Jones Lang LaSalle (JLL) said the site consists of two plots of land: Dragon Mansion and a substation.

    The combined site, with an area of 39,176 sq ft, is zoned for residential use with a gross plot ratio of up to 2.8, and can be built up to 36 storeys.

    In addition, an adjoining plot of state land could potentially be amalgamated yielding a potential gross floor area of up to 112,959 sq ft, subject to approval.

    JLL said in a press statement yesterday that no development charge is payable. The successful bidder may, however, have to pay a land premium of about $1.22 million for the alienation of the state land of some 1,167 sq ft.

    The redeveloped site could potentially yield about 112 apartment units with an average size of 950 sq ft each.

    Dragon Mansion, located at 14 Spottiswoode Park Road, is currently an 18-storey residential block comprising 68 units of 123 square metres each.

    The site is within walking distance of the Tanjong Pagar and Outram Park MRT Stations and is a short drive away from the CBD, Marina Bay Sands and Resorts World Singapore integrated resorts (IRs).

    Stella Hoh, JLL's national director and head of investments, expects the rejuvenation of Tanjong Pagar including the relocation of the port and railway station to add value to the potential of the sale site.The Dragon Mansion tender closes at 3pm on July 5.

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    Surely got takers....

    Mm again....

    This plot jus beside spott18 rite?

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    Reasonably priced. Definately got many takers. I predict at least 10 bidders. Was eyeing this in 2009 but too late to the game liao so gave up when the enbloc news broke.

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    I think some brothers here do not understand the developers' minds la... let me ask you a simple question: does anybody on Plant Earth has 2 keys ? One to shut off the China's growth engine and the other to shut off India's ? Guess not....I tell you, the demand will be so overwhelming like an overflooding bathroom bathtub that someone will scream for the action to stop. But Alas.... Nobody can stop it. Not even the USofA....

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    then if you are like most brothers, say cash is $100,000 in bank. if the inflation/forex loss is 3%, it will not bite you la. But if say you have $10,000,000 in the bank, the 3% loss can buy a car liao la.

    so I ask you again. Say the gahment decided to use brute force on these rich investors and curb them from buying our private properties. What do you think they will do ?

    Now, everyday, their bank account keep bloating and bloating and like wanna explode liao....what do you think they will do when they are most fearful and then stopped in their tracks?

    YES! They will simply bypass us and go buy more in Hong Kong, Taiwan ,Malaysia or even Indonesia la.

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    Now, let your humble brother here enlighten you what is really happening in this Earth of ours. You see, on one side is a BIG CONSUMER, on the other side is a BIG PRODUCER. The BIG CONSUMER was so squandering and wasteful that he end up in HUGE DEBT. So to get out of this mess, he has to PRINT and PRINT and PRINT. A very ingenious way to get outta hole, I should say.

    That is, provided the 2008 financial crisis and the Japan Earthquake in 2011 did not happen. BUT THEY DID ! And what happend? So the more he PRINTS, the FATTER the PRODUCER becomes. But what is wrong here again?

    YES, the PRODUCER is A GIANT WITH A POPULATION OF 1.5 BILLIONS. So the PRODUCER has an very BIG STOMACH to MAKAN all the papers la.... Then, now you have another PRODUCER entering the picture - A STOMACH of 1.2BILLIONS. Now, that is ...let me see....wait har......

    2,700,000,000 potential middle class on PLANT EARTH.

    If you are wondering why I call Planet Earth as PLANT EARTH, now you know!

  7. #7
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    Default Dragon Mansion now aim lower at $142m

    Quote Originally Posted by mr funny
    http://www.businesstimes.com.sg/sub/...41216,00.html?

    Published May 31, 2011

    Dragon Mansion up for collective sale at $150-156m


    DRAGON Mansion, a freehold residential development located on the fringe of the Central Business District, is up for collective sale with an indicative price of $150-156 million, or $1,340-1,392 per square foot per plot ratio (psf ppr).

    Sole marketing agent Jones Lang LaSalle (JLL) said the site consists of two plots of land: Dragon Mansion and a substation.

    The combined site, with an area of 39,176 sq ft, is zoned for residential use with a gross plot ratio of up to 2.8, and can be built up to 36 storeys.

    In addition, an adjoining plot of state land could potentially be amalgamated yielding a potential gross floor area of up to 112,959 sq ft, subject to approval.

    JLL said in a press statement yesterday that no development charge is payable. The successful bidder may, however, have to pay a land premium of about $1.22 million for the alienation of the state land of some 1,167 sq ft.

    The redeveloped site could potentially yield about 112 apartment units with an average size of 950 sq ft each.

    Dragon Mansion, located at 14 Spottiswoode Park Road, is currently an 18-storey residential block comprising 68 units of 123 square metres each.

    The site is within walking distance of the Tanjong Pagar and Outram Park MRT Stations and is a short drive away from the CBD, Marina Bay Sands and Resorts World Singapore integrated resorts (IRs).

    Stella Hoh, JLL's national director and head of investments, expects the rejuvenation of Tanjong Pagar including the relocation of the port and railway station to add value to the potential of the sale site.The Dragon Mansion tender closes at 3pm on July 5.
    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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    At this quantum..shld be able to find some takers...

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    November 17, 2011, 5.56 pm (Singapore time)

    Dragon Mansion sold for S$130m

    By CARINE LEE
    Dragon Mansion, a 68-unit residential development located within walking distance to the Tanjong Pagar and Outram Park MRT stations, has been sold for S$130 million.
    The price translates to $1,093 per square feet per plot ratio.
    The 38,618 sq ft site was sold to Spottiswoode Development Pte Ltd, a 50:50 joint-venture company owned by Lian Beng Group and Centurion Properties Pte Ltd.
    Each owner of Dragon Mansion will receive sale proceeds of about $1.91 million.

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    price lowered so many times before finally done.

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    Considering that D15 like Marine Point was sold for $1056 psf ppr, Amberglades for $1066 psf ppr, Dragon Mansion was sold at a great discount. Things are not looking good in the property sector going forward.

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    good deal for the buyers. they are the people behind kovan residences but i think have to go MM route for this project?


    Quote Originally Posted by Leeds
    Considering that D15 like Marine Point was sold for $1056 psf ppr, Amberglades for $1066 psf ppr, Dragon Mansion was sold at a great discount. Things are not looking good in the property sector going forward.

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    Quote Originally Posted by bargain hunter
    good deal for the buyers. they are the people behind kovan residences but i think have to go MM route for this project?
    so Lian Beng is a smart company, pick up at a good price...

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    another outperformer in the stock market together with sim lian vs sti and most other stocks year to date.

    Quote Originally Posted by Allthepies
    so Lian Beng is a smart company, pick up at a good price...

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    Quote Originally Posted by bargain hunter
    price lowered so many times before finally done.
    still higher or lower den the adjacent plot.....former spott 18

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    Quote Originally Posted by Leeds
    Considering that D15 like Marine Point was sold for $1056 psf ppr, Amberglades for $1066 psf ppr, Dragon Mansion was sold at a great discount. Things are not looking good in the property sector going forward.
    the cape oredi hit 2000psf++

    both area shd command similar psf as of now

    in fact, i value marina parade higher den spottiswoode

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    Quote Originally Posted by bargain hunter
    good deal for the buyers. they are the people behind kovan residences but i think have to go MM route for this project?
    y is it gd deal?

    i cant find the psf done previously on the former spott 18

    when i visit spott 18, i was told by agt tat developer ony manage to buy half of the dragon mansion.....the other half want higher enbloc px......

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    Quote Originally Posted by devilplate
    y is it gd deal?

    i cant find the psf done previously on the former spott 18

    when i visit spott 18, i was told by agt tat developer ony manage to buy half of the dragon mansion.....the other half want higher enbloc px......
    If it is launched mid next year, it could be around $1600 psf for a low floor 2-bedder MM.

    Economy is really slowing down, even in November that used to be a booming month for our export. Developers have to launch asap.
    http://www.todayonline.com/Business/...6,2-in-October

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    spott 18 was dirt cheap bot at 863psf but that was 2009 lor. so roxy already made their obscene profits.

    its a good deal for the lian beng-centurion JV based on comparable en-blocs asking prices recently. buy 1100, even if sell 1800 for MM still can make rite?

    Quote Originally Posted by devilplate
    y is it gd deal?

    i cant find the psf done previously on the former spott 18

    when i visit spott 18, i was told by agt tat developer ony manage to buy half of the dragon mansion.....the other half want higher enbloc px......

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    Default spottiswoode 18

    other than 11 out of 215 caveats lodged below 1800psf, most of the units were sold from 1800 to 2400psf.

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    Quote Originally Posted by bargain hunter
    spott 18 was dirt cheap bot at 863psf but that was 2009 lor. so roxy already made their obscene profits.

    its a good deal for the lian beng-centurion JV based on comparable en-blocs asking prices recently. buy 1100, even if sell 1800 for MM still can make rite?
    tks for the info

    so these sellers r right to hold on to their units? hmm....if they sold together in 09, den use the money to buy another ppty also prolly can make another 300psf.....

    breakeven for LB prolly 1600psf nia....its a FH land, LB can prolly hold longer to launch?

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    ok lah, quite neutral for the sellers i guess.

    as i mentioned before, LB is going to experience very strong cash inflows from project completions in next 2 years. their JV partner, Centurion, is funded by: http://www.asiaone.com/Business/My+M...915-87760.html

    so very well capitalised too. they can surely time their launch as they please.


    Quote Originally Posted by devilplate
    tks for the info

    so these sellers r right to hold on to their units? hmm....if they sold together in 09, den use the money to buy another ppty also prolly can make another 300psf.....

    breakeven for LB prolly 1600psf nia....its a FH land, LB can prolly hold longer to launch?

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    Quote Originally Posted by devilplate
    tks for the info

    so these sellers r right to hold on to their units? hmm....if they sold together in 09, den use the money to buy another ppty also prolly can make another 300psf.....

    breakeven for LB prolly 1600psf nia....its a FH land, LB can prolly hold longer to launch?
    I think for enbloc site by listed developers (certain criteria, such as developers with foreign shareholders, etc) , the development has to obtain CSC in 5 years. So technically, the developer can hold off the construction for 1 - 1.5 years. The launch can be much later though

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    Quote Originally Posted by SpinCity
    I think for enbloc site by listed developers (certain criteria, such as developers with foreign shareholders, etc) , the development has to obtain CSC in 5 years. So technically, the developer can hold off the construction for 1 - 1.5 years. The launch can be much later though
    its smthing new to me....i tot this criteria only required for GLS land sale?

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    Quote Originally Posted by devilplate
    tks for the info

    so these sellers r right to hold on to their units? hmm....if they sold together in 09, den use the money to buy another ppty also prolly can make another 300psf.....

    breakeven for LB prolly 1600psf nia....its a FH land, LB can prolly hold longer to launch?
    Break-even so high at $1600 psf? I suppose cost less than $1100 psf, add another $300 psf to break-even?

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    Default Dragon Mansion sold for S$130m

    http://www.businesstimes.com.sg/sub/...59940,00.html?

    November 17, 2011, 5.56 pm (Singapore time)

    Dragon Mansion sold for S$130m

    By CARINE LEE


    Dragon Mansion, a 68-unit residential development located within walking distance to the Tanjong Pagar and Outram Park MRT stations, has been sold for S$130 million.

    The price translates to $1,093 per square feet per plot ratio.

    The 38,618 sq ft site was sold to Spottiswoode Development Pte Ltd, a 50:50 joint-venture company owned by Lian Beng Group and Centurion Properties Pte Ltd.

    Each owner of Dragon Mansion will receive sale proceeds of about $1.91 million.

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    Default Dragon Mansion goes for $130m

    http://www.straitstimes.com/Money/St...ry_735218.html

    Dragon Mansion goes for $130m

    Published on Nov 18, 2011

    By Cheryl Lim


    A DEVELOPER has been awarded the Dragon Mansion site at a knock-down price, making it one of the few collective sale bids to have found a buyer this year.

    A joint venture between Lian Beng Group and Centurion Properties offered $130 million for the Spottiswoode Park Road site, lower than the indicative price of between $132 million and $142 million.

    In May, Dragon Mansion was asking even more: between $150 million and $156 million.

    The $130 million price translates to a land cost of $1,093 per sq ft per plot ratio, including a 10 per cent bonus gross floor area for balconies.

    The sale of the property will leave the owners of the building's 68 units richer by $1.91 million each.

    Dragon Mansion is a freehold 18-storey development zoned for residential use. With a gross plot ratio of 2.8, the future development could be built up to 36 storeys.

    The site is close to the Central Business District and the two integrated resorts. Jones Lang LaSalle (JLL), the agent brokering the sale, said the plot was near to amenities and major roads in the vicinity that connected Dragon Mansion to the rest of the island.

    The biggest collective sale so far this year was the sale of the mixed-use Hong Leong Garden Shopping Centre.

    The development in the West Coast neighbourhood was bought by an Oxley Holdings- led consortium for $171 million in September.

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    sub $200m still looks like a digestible size for developers.

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