With Right Timing & Attractive Price Offer, Owners Get the Result They Wanted
The combine sites of 2, 4 and 6 Mount Emily Road Singapore in popular residential zone of district 9, was acquired and successfully sold en bloc for an amount of S$18 million.
The Mount Emily Rd freehold site was picked up by ZACD Group, an integrated asset manager listed in Hong Kong and headquartered in Singapore.
The news was released by Edmund Tie & Company, the appointed marketing agent for this sale.
The freehold property was first put up in the collective sale market in July 2020 last year with a reserve price of S$24 million which attracts no bidders.
Determined to see it through this time in 2021, owners then decided to lower their price expectation so that to attract a potential buyer.
Base on the sale price, the land rate for the freehold plot arrived at S$1,115 psf ppr and due to the property’s high development baseline, there is no development charge payable.
The executive Director of Investment Advisory of Edmund Tie & Company, Swee Shou Fern said that the tender result is satisfactory as the site has attracted some keen developers and finally sealed the deal.
With 100% owner’s consensus achieved, application for sale order is not needed which will speed up the en bloc process.
Kain Sim, the chairman of ZACD Group comments that the company is currently focus in acquiring properties with great value particularly in prime location of Singapore.
She believes this site when redeveloped has a lot of potential to offer a unique experience for the modern urban living.
With this en bloc successfully sold, more properties are expected to make headlines in the coming months…