A unit at a 1980s private residential stalwart along Farrer road has recently exchanged hands for $3.08 million.
This deal was closed even before the outcome of the development’s third attempt in the collective sale market.
Unit at Spanish Village sold for $3.08 million bought for $1.22 million 17 years ago
The 2,369 sq ft three-bedroom apartment which was sold last month at $1,301 psf was Spanish Village‘s first transaction in more than year. That comes as no surprise since the property has been trying to go en bloc – for the third time. The unit which was recently sold was purchased for $1.22 million seventeen years ago.
Built in 1987, Spanish Village enjoys a good spot in prime District 10. With the accessibility of the area enhanced by MRT lines, properties in the area are popular with expatriates and young professionals.
The property sits between Botanic Gardens and Holland Village, with schools along the Bukit Timah stretch just a few bus stops away.
Spanish Village working towards third en bloc attempt
The 266-unit, freehold Spanish Village was launched for collective sale with a guide price of $882 million in February by the marketing agency, Edmund Tie & Co (ET&Co).
Should the collective sale be successfully launched, it would translate to a land rate of $1,721 psf per plot ratio inclusive of a development charge of $30 million. The tender will close soon on March 11.
Owners are in the process of signing a supplementary agreement to lower the reserve price of the development to $828 million.
Analysts have noticed an increase in the sale of units in older condominium projects along Holland road and Farrer road in recent months.
Could buyers be picking off units as they predict eventual en bloc sales?
Or perhaps they simply prefer the larger floor areas of units at these older establishments?
Their freehold statuses do certainly lean towards longterm-investment potential.
Buyers who are looking at new units may also have launches to look forward to, such as the new projects which are being built on the sites which previously held The Estoril, Hollandia and Tulip Garden.