16 Nov '17, 3am

Four condos up for en bloc sale

Derby Court is a freehold condominium development located at 5, Derbyshire Road in District 11 near Novena MRT station. (Photo: JLL) Four residential developments, including the iconic Pearlbank Apartments in Outram, have been put up in separate tenders for en bloc sale. The others are Parkway Mansion in Katong, Riviera Point along River Valley Road and Derby Court near Novena. With a 99-year leasehold tenure that started in June 1970, Pearlbank Apartments has 288 units, which includes eight commercial units. The horseshoe-shaped development carries a reserve price of $728 million, which works out to a land cost of around $1,505 per sq ft per plot ratio (psf ppr), after factoring in an upgrading premium of about $195 million for the lease top-up. No development charge is payable for the site. Apartment owners, whose unit sizes range between 123 sq m and 371 sq m, “stand to...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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