2 more private residential developments join the ranks of estates-sold-en-bloc-in-2017. This could truly be the windfall year for owners of older private condominiums and estates as the stream of successful collective sales ensues.
Derby Court and Parkway Mansions sold after previous unsuccessful attempts
Both properties are in prime locations. The 20-unit Derby Court sits in Derbyshire Road in Novena. It is also near the Anglo-Chinese School (Junior) and St Joseph’s Instituition (Junior). And Parkway Mansion is just 100 metres away from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line. The completion of this new MRT line is expected to be sometime in 2023.
Both properties sold well above the reserve price
Both properties also sold well above the reserve price of $62 million. The 20-storey Derby Court sold for $73.88 million while the 17-storey Parkway Mansion sold for $146.99 million. The latter sold at a price 6.5% above the owner’s guide price of $138 million. Its 38,975 sq ft site has a gross plot ration of 2.8. With its unblocked sea view, it will no doubt fetch worthy prices when the new development is launched.
The winning developers for the Derby Court and Parkway Mansion sites were RH Developments, a subsidiary of Roxy-Pacific Holdings and SL Capital (3) a consortium led by Sustained Land respectively.