Hooray! First en bloc after 20 months!
As posted in www.h88.com.sg on 2 Dec 2009 by John
Finally, it's official - Dragon Mansion is the first successful en bloc this year. Sold to RL Developments, a unit of Roxy-Pacific Holdings for a cool $100.8m. We broke the story of their offer for the Spottiswoode Road condo in back in October. Now it's finally got the approval of the residents, all it has left to clear is the final approval from the Strata Titles Board.
Each owner of the 72-unit freehold condo will get around $1.4m. The amount of $100.8m includes the development charge and works out to about $863 psf ppr.
As posted in www.h88.com.sg on 20 Oct 2009 by John
Yes! Finally, Dragon Mansion has done what no other has done this year - it on it's way to a successful en bloc! Since the tender was announced way back in July 2009 there have been few takers, but now this small District 2 condo along Spottiswoode Park Road has breathed hot fire into the en bloc market! Someone has submitted a solid 'bid' for it. Who is it and how much? Read on!
[EDIT: Note, it's not a done deal yet. Still need approval from 80% of the owners. So let's not celebrate too early. The owners could still hold out for more.]
RL Developments, a unit of Roxy-Pacific Holdings (the people who own Grand Mecure Roxy Hotel and developed Balestier's Nova 48 and Nova 88), has shelled out about $100.8m for the condo. Sadly for the owners, it was much less than the $120m they were asking for. But still, under the circumstances, at least they managed to sell the place!
$100.8m for 117,247 sqft of potential residential space works out to $860 psf ppr.
Here's the entire article from The Edge Singapore:
RL Developments, a unit of property and hospitality group Roxy-Pacific Holdings, has agreed to acquire a freehold site in Lot TS23-388P for $100.8 million.
The freehold site has a total land area of 3890.2 sq m and a maximum plot ratio of 2.8 for apartment development.
The acquisition is conditional upon the obtaining of the agreement by 80% majority of the owners of the development to the purchase price and a sale order from the Strata Titles Board under the Land Titles Strata Act, if necessary.
Roxy-Pacific says the acquisition will be fully funded through the company’s IPO proceeds, internal funds and/or bank borrowings.
It is not expected to have any material effect on the net tangible assets per share or earnings per share of the company for the current financial year.