A potential asking price is at $1.68b, beating that of Farrer Court and Pacific Mansion.
The Dairy Farm Estate, located at No.3 to 37 Dairy Farm Road, is eyeing to make its en bloc sale "a huge success and break some huge sale records at the same time." The price is "confidential," said Teakhwa Real Estate (TRE), but other media reports suggest $1.68b. This could beat the record of Farrer Court’s en bloc sale at $1.34b along with Pacific Mansion's $980m transaction.
TRE managing director Sieow Teak Hwa told Singapore Business Review that the collective sale committee is already arranging the terms of the deal along with the owners of the property. "Signing of the collective sale agreement (CSA) has started and we ambitiously target to get 80% consent in 6 weeks with the help of all prosale owners and supporters," he added in an announcement Sunday.
The 750,019 sqft freehold development has 477 residential units and 10 small retail shops. It has a plot ratio of 2.1 and a potential gross floor area of about 1.58 million sqft. It can be redeveloped up to 24 storeys.
TRE managing director Sieow Teak Hwa thinks the en bloc sale attempt will be well-received due to “very good premium,” which is double the current value for all units.
“The property is 30 years now compared with 2007 when it was just 20 years old. That is a decade when many people are not ready to consider. Old property does give more maintenance problems hence higher costs to upkeep. Rental also lower compared with newer properties,” Sieow added.
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