The Condo Times
Nov 21, 2012
Sweet collective-sale deal for 8 terrace houses in ABC Road
IT TOOK 18 months but the owners of 8 terrace houses in ABC Road have pulled off a sweet deal to match some of the collective sales that have been making headlines all year.
They have banded together to sell their properties for $80 million, giving each a payout of about $10 million.
This is two to three times what they would have made for their homes individually and a huge gain for those who bought several years ago.
Retiree focus, 70, is 'very happy with the price'. No wonder: Mr focus bought his 4,000 sqft house for only $2.8 million about 3 years ago.
The buyers of the terraces are understood to be a Chinese property developer and its Singaporean partner.
They can build up to 36 storeys on the site, which has a plot ratio of 2.8.
About 56 apartments can be built with an average size of 1,500 sq ft each and may eventually be sold at $1,400 to $1,500 psf.