Angullia Mansion owners upbeat about selling en bloc
OWNERS of apartments at Angullia Mansion - a short walk away from the plum, hotly-contested Orchard Turn property site - are hoping to cash in on this upswing in the area’s prestige.
They have become the latest owners of an ageing property prepared to sell en bloc.
Property consultancy DTZ Debenham Tie Leung, which is handling the sale, said the freehold 21-unit seven-storey property, just off Orchard Boulevard near the Four Seasons Park project, could match or surpass the $1,020 per sq ft per plot price that the Orchard Turn site notched up. This works out to $115 million.
Last week, The Esquire in the Mt Elizabeth area was launched for collective sale at an expected price at $791 psf per plot ratio (psf ppr).
‘With the proposed Orchard Turn development, Angullia Park will potentially be one of Singapore’s most posh residential addresses,’ DTZ Debenham Tie Leung said. It expects the property to attract ‘very keen interest’ given the improved take-up of luxury apartments, citing the success of the nearby BLVD, which has consistently achieved record prices, the highest being $2,200 psf last October.
DTZ Debenham Tie Leung’s director Tang Wei Leng said that given the Orchard Turn price, Angullia Mansion, within walking distance of the Orchard Turn site, ‘is likely to achieve prices at the same level or more’.
This is not the first time Angullia Mansion has been put up for sale. The 44,730 sq ft site was offered for sale back in December 1999, the year that private home prices shot up 33 per cent. In contrast, the estimated rise last year was 3.8 per cent.
Back then, the tender attracted five bids. The highest price offered was $105 million, said DTZ, when the owners reportedly wanted about $120 million, excluding development charge. A unit there last changed hands in November 2002 at $2.25 million, or $871 psf.
An industry source said the project is unlikely to obtain the Orchard Turn price: ‘That’s a different kettle of fish. Orchard Turn has a huge mall and it is on top of Orchard MRT station.’
Angullia Mansion can be developed into a 36-storey condo with 56 units of about 2,000 sq ft each. To jack up the plot ratio to 2.8, an estimated development charge of $12.5 million is payable, DTZ said. The tender closes on Feb 9.
Source : Straits Times - 10 Jan 2006
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