Sustained Land-led consortium buys Parkway Mansion for $1,536 psf ppr

/ EdgeProp
December 13, 2017 7:42 PM SGT
A consortium led by Singapore developer Sustained Land has bought Parkway Mansion along Amber Road at $1,536 psf ppr, announced marketing agent Colliers International on Dec 13. The absolute sale price for the freehold site – $146.99 million – marks a 6.5% premium over its indicative price of $138 million.
The sale price includes an estimated $21 million development charge for intensification of land use. It is higher than the prices achieved by recent collective sale sites in the vicinity: Amber Park ($1,515 psf ppr); Nanak Mansions ($1,429 psf ppr); and The Albracca ($1,409 psf ppr).
If the sale is successful, owners will stand to receive between $4.5 million and $4.7 million in gross proceeds – for each unit, depending on the unit size.
(Credit: Colliers International)
This is the third collective sale attempt for the 38,975 sq ft site, which is located within walking distance of Tanjong Katong MRT station on the upcoming Thomson-East Coast Line. Under the 2014 Master Plan, the site is zoned ‘Residential’ with a gross plot ratio of 2.8. The existing development, which is 17 storeys high, comprises 32 units sized between 1,819 sq ft to 1,948 sq ft.
Colliers estimates 130 units with an average size of 800 sq ft can be built on the site (subject to authorities’ approval) – and that they could be sold at a price range of $2,550 psf to $2,600 psf. The winning developer does not have to undertake a Pre-Application Feasibility Study for the site, notes Colliers.
Rediscover Katong Today!
#FINDYOURSPOT in our beloved city island