After a failed attempt at an en bloc sale in 2014, the owners of Spring Grove condominium are looking to place the property back in the collective sale market for the second time with an asking price of at least $1 billion. This works out to around $1,807 psf.
Spring Grove’s prime location in district 10 and the current collective sale fever were deciding factors for the $1 billion price tag. Adrian Loh, chairman of the nine-person sale committee, said that the owners learned valuable lessons from their previous attempt at an en bloc sale which will help tremendously in speeding up the process this time around.
An issue that may affect developer interest in the property is the fact that it used to be the site of a former United States diplomatic residence. Once the 99-year lease is up, the plot will be returned to the American government. This means that the eventual buyer of the property will have to pay both the home owners of the condominium and the American government to top up the lease on the land.
Find out more on this at the Straits Times website or continue on some of the recent projects in the collective sale market: