Freehold St Patrick’s Gardens goes en bloc for $172m
ST PATRICK’S Gardens estate off East Coast Road has been sold for $172 million – the second-biggest collective sale this year but still below what the owners had initially counted on. The price UOL Group paid for the freehold condominium on site works out to $812 per sq ft (psf) per plot ratio (ppr), inclusive of a 10 per cent balcony allocation.
When it was launched for sale in June, the block had an indicative price of $188 million, or $888 psf ppr, including the additional balcony space. It failed to get a buyer and owners relaunched the 98-unit development in October without an indicative price. The Straits Times understands that the $172 million sale price was slightly below the reserve price and that marketing agent Colliers International had to collect the 80 per cent support for the sale again.
The owners of the flats, whose sizes range from 89 sq m to 146 sq m, are expected to receive between $1.53 million and $2.06 million in gross proceeds. The 137,561 sq ft site has an allowable gross plot ratio of 1.4 and can be redeveloped to five storeys accommodating 176 units of 1,200 sq ft each, - The Straits Times
When it was launched for sale in June, the block had an indicative price of $188 million, or $888 psf ppr, including the additional balcony space. It failed to get a buyer and owners relaunched the 98-unit development in October without an indicative price. The Straits Times understands that the $172 million sale price was slightly below the reserve price and that marketing agent Colliers International had to collect the 80 per cent support for the sale again.
The owners of the flats, whose sizes range from 89 sq m to 146 sq m, are expected to receive between $1.53 million and $2.06 million in gross proceeds. The 137,561 sq ft site has an allowable gross plot ratio of 1.4 and can be redeveloped to five storeys accommodating 176 units of 1,200 sq ft each, - The Straits Times