{"id":89093,"date":"2018-05-23T09:44:39","date_gmt":"2018-05-23T02:44:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/landmark-tower-near-chinatown-sold-for-286m\/"},"modified":"2018-05-23T10:03:03","modified_gmt":"2018-05-23T03:03:03","slug":"landmark-tower-near-chinatown-sold-for-286m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/landmark-tower-near-chinatown-sold-for-286m\/","title":{"rendered":"Landmark Tower near Chinatown sold for $286m"},"content":{"rendered":"


\nThe purchase price works out to a land rate of about $1,406 psf per plot ratio. (Photo: JLL)\u00a0
\nLandmark Tower, a 139-unit development at Chin Swee Road in District 3, has been sold for $286 million to a joint-venture company, one of which is a public-listed company, marketing agent JLL said on Tuesday (22 May).
\nThe purchase price is slightly higher than the reserve price of $285 million, and works out to a land rate of about $1,406 psf per plot ratio after factoring in a lease upgrading premium of around $57 million.
\nMore:\u00a0Developers\u2019 En Bloc Appetite Diminishing: RHB
\nWith this, the owners could expect to receive gross sales proceeds of $1.6 million to $4.9 million per unit, said JLL regional director Tan Hong Boon.
\nCompleted in 1985, the development sits on a 60,821 sq ft site zoned residential under the 2014 Master Plan with a plot ratio of 4.014.
\nLocated next to Pearl\u2019s Hill City Park, the site is close to Chinatown and offers 360-degree views of the city.
\nJLL revealed that the sale was subject to various conditions being met, including \u201can order of sale by the Strata Titles Board and the court, where applicable, as well as the purchaser obtaining an outline planning permission and approval for lease top-up to a fresh 99 years\u201d.
\nIt noted that since the property is situated within the central area, \u201cthere is flexibility in terms of the number of units and their sizes to be built subject to the approval from the relevant authority\u201d.
\nSearch for properties for sale in District 3.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Landmark Tower near Chinatown sold for 6m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The purchase price works out to a land rate of about $1,406 psf per plot...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-89093","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-naZ","jetpack-related-posts":[{"id":93260,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-up-for-en-bloc-sale-for-1-1b\/","url_meta":{"origin":89093,"position":0},"title":"Horizon Towers up for en bloc sale for $1.1b","date":"July 6, 2018","format":false,"excerpt":"\r The reserve price works out to a land rate of $1,964 psf per plot ratio. (Photo: JLL) Horizon Towers, a 211-unit residential development at Leonie Hill in District 9, has been launched for collective sale with a reserve price of $1.1 billion. Including the lease top-up premium of about\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84896,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/casa-meyfort-and-landmark-tower-up-for-collective-sale\/","url_meta":{"origin":89093,"position":1},"title":"Casa Meyfort and Landmark Tower up for collective sale","date":"April 10, 2018","format":false,"excerpt":"\r The 139-unit Landmark Tower near Pearl\u2019s Hill City Park has a reserve price of $285 million, or $1,400 psf ppr. (Photo: JLL) Encouraged by the 3.8 percent hike in private home prices in the Outside Central Region as per the Urban Redevelopment Authority\u2019s quarterly flash estimates, the owners of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28793,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-sold-en-bloc-for-334-2m\/","url_meta":{"origin":89093,"position":2},"title":"Raintree Gardens sold en bloc for $334.2m","date":"October 6, 2016","format":false,"excerpt":"\r The sale price works out to a land cost of about $797 psf per plot ratio on the potential gross floor area. Source: JLL The 175-unit Raintree Gardens residential development at Potong Pasir has been sold collectively to UVD (Projects), a joint venture company of UOL Group and United\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102684,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cavenagh-gardens-up-for-en-bloc-sale-at-480m\/","url_meta":{"origin":89093,"position":3},"title":"Cavenagh Gardens up for en bloc sale at $480m","date":"January 4, 2019","format":false,"excerpt":"\r The reserve price for the freehold development in District 9 works out to a land rate of $1,695 psf ppr. (Photo: JLL) Cavenagh Gardens, a freehold residential development along Cavenagh Road in District 9, has been launched for en bloc sale with a reserve price of $480 million, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73900,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jervois-green-sold-for-52-9mil-brookvale-park-up-for-en-bloc-sale\/","url_meta":{"origin":89093,"position":4},"title":"Jervois Green sold for $52.9mil, Brookvale Park up for en bloc sale","date":"December 7, 2017","format":false,"excerpt":"\r Singapore\u2019s collective sale market continued to heat up with the sale of\u00a0 Jervois Green and the launch of Brookvale Park. A four-storey freehold development at 100A Jervois Road, Jervois Green has been sold for $52.9 million to investors led by Mike Ho, third-generation owner of Spring Court, one of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70106,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/crystal-tower-relaunched-for-collective-sale-at-lower-price\/","url_meta":{"origin":89093,"position":5},"title":"Crystal Tower relaunched for collective sale at lower price","date":"October 26, 2017","format":false,"excerpt":"\r Built in the 1970s, the 28-unit Crystal Tower is now going for $138 million. (Photo: Edmund Tie) Crystal Tower, a freehold residential site at Ewe Boon Road, has been put up for en bloc sale again at $138 million, marketing agent Edmund Tie & Co. said on Thursday (26\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/89093"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=89093"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/89093\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=89093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=89093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=89093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}