It has been sold en bloc to TG Development Pte Ltd (TGD) for $79 million.
This is 25% higher than the indicated price when the collective sale was launched three months ago.
On its bullish bid, TGD managing director Ong Boon Chuan said: 'The prices for Districts 9, 10 and 11 are quite high but there is room for more upside in the outskirts.'
At $79 million, the price works out to $682 per sq ft per plot ratio (psf ppr), including an estimated development charge of $302,318 for the 83,013 sq ft site.
TGD plans to build a five-storey development of about 100 units with unit sizes of between 1,000 sq ft and 1,400 sq ft. The launch is targeted for mid-2008.
The breakeven cost is estimated at around $1,000 psf, which means new units have to be sold in excess of this.
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Apartments in St Patrick's Row may be worth considering. Saw a unit there in 1st quarter 2006. Now a bit regret not buying.......Sigh......
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