Ultra Mansion back on the market
HEARTENED by rising property prices, owners of redevelopment property appear to be expecting more from the en bloc sale of their homes the second time around.
Ultra Mansion, a freehold 13-storey apartment building near Novena MRT station, was put on the market late last year but the public tender closed without a sale being made. Now it is back on the market with higher hopes.
Lui Seng Fatt, regional director and head of investments at Jones Lang LaSalle, also the marketing consultants for Ultra Mansion, said: ‘Though there were various interested parties from the previous tender which closed last November, the owners decided to benchmark the tender results with Orchard Turn and Glutton Square which subsequently attracted very competitive bids.’
The same property is now being relaunched for sale by ‘expression of interest’, and the starting price is $57 million or about 5 per cent more than was previously expected. Mr Lui added that the owners are looking at a premium of about 60 per cent more than what the units would have fetched individually on the open market.
The 45,512 sq ft site has a plot ratio of 2.8 and can be built up to 36 storeys. The maximum gross floor area is 127,433 sq ft. At $57 million this works out to be $450 psf per plot ratio. The last day for submission of expression of interest is 19 April.
Source : Business Times - 29 Mar 2006
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