Gilstead Mansion launches second collective sale attempt

By EdgeProp Team / EdgeProp | October 24, 2018 9:22 PM SGT
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Gilstead Mansion (Credit: Teakhwa Real Estate)
Owners of the 24-unit Gilstead Mansion have launched their property for collective sale, marking the second attempt for the freehold residential development.
The owners are now asking for $65 million, down $3 million from the first attempt in end-May. The reserve price translates to $1,524.7 psf per plot ratio (ppr). There is no development charge payable.
Subject to the authorities’ approval, the site could yield 56 units, says Teakhwa Real Estate, marketing agent for the property.
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Across the road, Gilstead Court, comprising 48 units, was also launched for collective sale, in June. The owners were asking for $168 million.
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 close to Novena Square, Velocity, United Square and Goldhill Plaza.
The tender for the site will close on Nov 22, at 2pm.