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Thursday, December 16, 2010
En Bloc News: Serene House sold for $99 million
According to a CNA report today, the tender for Serene House has been awarded to luxury-home developer Shelford Properties for $99 million.
A total of seven bids were received for the residential freehold site.
Marketing agent Colliers International said there were major and mid-tier property players who bid for the site.
The winning bid of $99 million translates to $1,400 per square foot per plot ratio.
Serene House is a four-storey walk-up residence located at Jalan Serene, with a land area of 40,000 square feet and a gross plot ratio of 1.4.
It has 24 units and is near the landed housing enclave in Bukit Timah.
The owners of the units at Serene House will each receive about $4.1 million from the sale.
The wife and I did a quick check and found that the last caveat lodged for Serene House was in June 2010 - a 1,550sqft unit sold for $537,500. Talk about missing the boat!
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Do you think 537k for a 1550sf FH apartment in D10 in 2010 is a realistic open market price? You didn't miss the boat, because it was not yours to miss.
ReplyDeleteHi Anonymous (25/2/11, 2:22PM): Do you imply that this is one of those "private" deals with an artifical (deflated) price? :)
ReplyDeleteBUT SERIOUSLY, you may have a point there. However, when we talk about "missing the boat", it is not us that we are referring to...
Appreciate your comment nevertheless!