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.