In a private treaty brokered by William Gan Realty, freehold condominium Casa Contendere in Gilstead Road has been bought collectively by Tee Land for $72 million.
Casa Contendere, located in District 11, is close to Newton MRT station and is comprised of 11 maisonette apartments housed in a 4-storey block. The total land area of the property is 37,971 sq ft and with the selling price of $72 million, including a $15.1 million development charge, it works out to about $1,638 psf per plot ratio. Each owner can expect to pocket $5.9 million to $7.5 million.
A representative for Tee Land told the Singapore Exchange on Tuesday (7 Nov) that it plans to build an apartment block on the property with the proposed acquisition to be completed by the end of February 2018. The estate, which has a plot ratio of 1.4, can be redeveloped into an apartment building with around 70 units or so with an average size of 753 sq ft each.
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Some of the other properties that are eyeing successful collective sales: