The wait was over for Parkway Mansion owners after 2 unsuccessful collective sale attempts.
The freehold property was finally Sold and acquired by SL Capital, Sustained Land-led consortium with the sale price of S$146.99 million.
This is the 3rd en bloc sales in December 2017.
Colliers International is the designated marketing agent. Colliers hinted that the sale price of S$146.99 million was 6.5% over the owner-dictated price of S$138 million during the tender that took place last November 16.
The managing director of Colliers, Tang Wei Leng, divulged that the Sustained Land Pte Ltd. led-consortium won the bid for the 17-storey freehold development because it submitted the highest offer without conditions.
The resulting land rate computed based on the sale price plus the estimated development charge of about S$21 million will came out to S$1,536 psf ppr. As customary, the payment for the development charge goes to the state for the land use intensification.
Upon completion of the sale, each owner will receive varying amounts, subject to the property’s size. The gross proceeds will range from S$4.5 to S$4.7 million.
Colliers said the sale was a milestone of sorts. The land rate for Parkway Mansion bested the prices in the area’s collective sales of late.
The three recently sold en bloc properties that are behind Parkway Mansion are Amber Park Condo (S$1,515 psf per plot ratio), Nanak Mansion (S$1,429 psf ppr) along Meyer Road, and The Albracca (S$1,409 psf ppr).
The sizes of apartments in Parkway Mansion range between 169 sqm and 181 sqm. Accessibility to the property will be more convenient when the construction of the Tanjong Katong MRT station is finished by 2023.
The said MRT station that forms part of the Thomson-East Coast Line is just 100m away from Parkway Mansion.