Spring Grove collective sale launched with $1.39b price tag
Published on Jul 16, 2014 4:52 PM
SINGAPORE - Residents of the Spring Grove condominium in Grange Road are launching a collective sale attempt with a $1.39 billion price tag, in spite of the current lacklustre demand in the property market.
If successful, it will be the largest en bloc deal concluded, surpassing CapitaLand's purchase of the former Farrer Court for $1.34 billion in 2007.
The 99-year leasehold property, which has about 75 years left on its tenure, got the green light for the sale after it obtained the requisite 80 per cent consent from its owners in March. It comprises three blocks that are 20-storeys tall, with 325 units.
Owners are expected to receive $2.6 million to $6.9 million each in proceeds - or about $2,600 per sq ft on average - for the 263,513 sq ft development, said Mr Ian Loh, head of investment and capital markets at Knight Frank, who is the broker.
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