ROXY-PACIFIC Holdings has signed an agreement to buy Dragon Mansion for $100.8 million via a collective sale – some 16 per cent below the owners’ previous asking price of $120 million when the property was first put up for sale in July.
However, the deal is conditional upon obtaining agreement from an 80 per cent majority of the owners on the purchase price. BT understands that a fresh round of agreements have to be obtained as the price offered by Roxy-Pacific is below the owners’ reserve price in the collective sale agreement.
When the tender for the collective sale of Dragon Mansion was launched in July, it marked the first collective sale offering of the year. If Roxy-Pacific buys the freehold site for $100.8 million, it will be paying $863 per square foot per plot ratio (psf ppr) including an estimated development charge of about $400,000. The owners’ original asking price, on the other hand, translated to about $1,020 psf ppr including the development charge.
The site has a land area of about 42,000 sq ft and it is designated for residential use with a plot ratio of 2.8.
Roxy-Pacific chief executive Teo Hong Lim said that the company inked the deal to buy the site as he ‘found the price reasonable’. Continue reading
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