A unit of Roxy-Pacific Holdings bought the Dragon Mansion located at 18 Spottiswoode Park Road for $100.8 million, including the development charge (DC). This works out to around $863 per sq ft per plot ratio (psf ppr).

The property has become the first successful collective sale in Singapore for 2009.

In July, CKS Property launched a tender for the site, after 80 percent of the owners consented to proceed with the en bloc sale.

This collective sale is still subject to approval from the Strata Titles Board. Each owner of the 72-unit apartment with three bedrooms is expected to receive $1.4m from the proceeds of the sale.

The entire 42,000 sq ft land area of the freehold site is designated for residential use with a 2.8 plot ratio. The new development could possibly accommodate around 120 units of apartments with a size area of 1,000 sq ft, said CKS Property Consultants.

According to property brokers, the sale price reflects the limited availability of freehold residential land close to the Central Business District, and introduces a new benchmark for the Spottiswoode Park area.