Tomlinson Road estate up for sale at $238m
RIDING on the recent wave of collective sales, the owners of Beverly Mai have put their Tomlinson Road estate up for sale in the hope of raking in a cool $4.4 million each.
The freehold site was launched for public tender yesterday with a price tag of $238 million, or about $1,184 per sq ft per plot ratio (psf ppr) inclusive of a $16.8 million development charge.
At this price, the 76,888 sq ft plot is set to become Singapore’s second most expensive collective sale site.
Eng Lok Mansion at Napier Road was sold earlier this month at an all-time high of $1,218 psf ppr.
Beverly Mai is located opposite City Developments’ St Regis Residences, whose upcoming launch is expected to boast record-breaking prices of up to $2,600 psf.
Based on the last sale of a Beverly Mai unit at $2.5 million last August, each of the estate’s owners stands to gain a 60 per cent premium over what they would get if they had sold their units on the market.
About 85 per cent of the 52 owners have agreed to the collective sale, said the site’s marketing agent CB Richard Ellis in a statement yesterday.
A 36-storey project with 107 units averaging 2,000 sq ft each can be built on the site, which has a plot ratio of 2.8.
The tender for Beverly Mai will close on April 25.
Source : Straits Times - 23 Mar 2006
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