Singapore, 13 December 2017
– Leading global commercial real estate services firm, Colliers International Group Inc. (NASDAQ and TSX: CIGI) is pleased to announce that Parkway Mansion, a prime freehold development at 9 Amber Road, has been sold to SL Capital (3) Pte Ltd, a consortium led by Sustained Land Pte Ltd, for SGD146.99 million.
The sale price was 6.5 per cent above the owners’ guide price of SGD138 million during the tender that was launched on November 16, 2017. The sale price and an estimated development charge of approximately SGD21 million translate to a land rate of SGD1,536 psf per plot ratio (psf ppr). The development charge is payable to the state for the intensification of land use.
Ms Tang Wei Leng (邓慧玲), Managing Director at Colliers International, says, “We have received several bids from developers and investors. The Sale Committee decided to award the tender to SL Capital (3) Pte Ltd who submitted the highest unconditional offer. The rejuvenation of the Katong/East Coast area – with a string of successful en bloc sales recently – will present very compelling redevelopment opportunities for the developer.”
The land rate for Parkway Mansion far surpassed prices achieved in recent collective sales in the area: The Albracca (SGD1,409 psf ppr), and Nanak Mansions (SGD1,429 psf ppr) in Meyer Road as well as Amber Park (SGD1,515 psf per plot ratio).
Mr. Douglas Ong of Sustained Land, says, “We are pleased to have secured this site outside the bustling city centre with unblocked views of the sea. It presents us with a great opportunity to develop a unique residential project that meets future home owners’ lifestyle aspirations. Buyers can enjoy the benefits of seaside living with a variety of recreational options, and yet have convenient access to the city via the future Tanjong Katong MRT station nearby.”
Mr. Eric Teo (张永耀), Chairman of Parkway Mansion collective sale committee, notes, “Third time’s a charm for us after two unsuccessful attempts at a collective sale previously. We are very pleased that Colliers International has garnered such a great outcome for the owners. The entire en bloc sale process was smooth, transparent and efficient, thanks to the professionalism and the expertise of the team at Colliers.”
Apartment sizes at the 17-storey development range from 169 sq m to 181 sq m (approximately 1,819 sq ft to 1,948 sq ft). Depending on the size of their property, each owner will stand to receive between SGD4.5 million and SGD4.7 million in gross proceeds upon completion of the sale. The sale proceeds is about 70% above the open market value based on the last transaction in 2013.
Under the 2014 Master Plan, the 3,620.9 sq m (approximately 38,975 sq ft) site is zoned Residential and has a Gross Plot Ratio of 2.8, with a potential total Gross Floor Area of 10,138.5 sq m (approximately 109,130 sq ft).
Subject to approval from the Urban Redevelopment Authority (URA), 130 units with an average size of 800 sqft could be built on the site. Potential selling price of units at the future development could range from SGD2,550 psf to SGD2,600 psf. The site is not subject to the Pre-Application Feasibility Study.
Parkway Mansion is located just 100 metres from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line which is slated for completion in 2023, and is easily accessible to an array of amenities including Parkway Parade mall, and the popular East Coast Park beach.
Earlier this month, Colliers International successfully sold Jervois Green which was held under single-ownership for SDG52.9 million, following the collective sale of Jervois Gardens for SGD72 million in September.
The tender for Parkway Mansion closed on December 13 at 3pm.
For media query, please contact:
Ms Annabelle Taylor, Director
Marketing and Communications
Direct: +65 6531 8616