Gilstead Mansion launched for $68 mil collective sale

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/ EdgeProp
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May 30, 2018 4:09 PM SGT
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.
Gilstead Mansion is attempting a collective sale (Pictures: Teakhwa Real Estate)
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.
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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.