Sales Update: Spottiswoode 18

The ST today reported that some property buyers shrugged off the latest cooling measures to take up flats at yesterday's preview of Spottiswoode 18, which will be built on the old Dragon Mansion site in Tanjong Pagar.

Around 68% or 170 units out of the 251 units up for grabs were sold, said developer Roxy-Pacific Holdings.

The units sold were mainly smaller flats. Average prices were $1,900psf and the price of a 387sqft, one-bedroom unit started from a relatively affordable $688,900.

More than half of the units at the project near Tanjong Pagar MRT station are “shoebox” apartments – less than 500sqft in size.

While the response was strong, its average psf prices were also marginally lower than what nearby Spottiswoode Residences had been fetching recently.

Some former Dragon Mansion owners said they were interested in the new property for sentimental reasons while many others said they were still keen to buy for investment, given the low interest rates.

And they kept on coming…

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