The 24-unit Gilstead Mansion has been launched for collective sale for $68 million, announced marketing agent Teakhwa Real Estate. The freehold property sits on a 35,751 sq ft site and has an estimated gross floor area of 43,464 sq ft. Owners are expecting a price in excess of $68 million, or a land rate of about $1,565 psf per plot ratio (ppr). No development charge is payable.
The asking price is favourable compared to the prices achieved at nearby Dunearn Gardens which was sold for $468 million ($1,962 psf ppr) in April, as well as Chancery Court earlier this month which was sold en bloc for $401.8 million ($1,610 psf ppr), says Sieow Teak Hwa, managing director of Teakhwa Real Estate.
Gilstead Mansion is located in a two-storey mixed landed enclave along Gilstead Road, and is beside the Bukit Tunggal Good Class Bungalow area. It is also close to Novena Square, Velocity, United Square and Goldhill Plaza.
The tender will close on July 3.
Teakhwa is also managing the collective sale attempt of the 487-unit Dairy Farm Estate in Upper Bukit Timah, and is 60 signatures shy of reaching the required 80% consent, says Sieow.
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