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Firm puts 38 units at Draycott luxury condo up for sale

Apartments, valued at $1,900 psf, translates to absolute price of $198m

Posted on 25-Mar-2014
By: Melissa Tan

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Firm puts 38 units at Draycott luxury condo up for sale

AN INVESTMENT holding company owned by the family that developed The Draycott is putting 38 units in the luxury development up for sale.

The 34-storey condominium, near Orchard Road, with its distinctive cylindrical shape, was one of Singapore's tallest condos when completed in the 1980s.

It has 133 units in total. An independent valuer has valued the 38 units in the portfolio at $1,900 per sq ft over the strata area of 104,429 sq ft, which translates to an absolute price of $198 million.

The condo, at 50, Draycott Park, is next to the prestigious Ardmore Park residential enclave and near The Tanglin Club and The American Club.

It was built by the Tan family headed by Mr Tan Chwee Boon, sources told The Straits Times.

Out of the 38 units put up for sale, 30 are located within one column in the tower block facing Goodwood Hill, which is state-owned.

Mr Karamjit Singh, head of investments and residential at JLL, which is marketing the units, said that most of the other high-end condominiums around Orchard Road that were built in that era were sold en bloc between 2006 and 2007, and have been redeveloped.

These include Pin Tjoe Court, Westwood Apartments and Ardmore Point, he said.

"The Draycott is one of the few condominiums remaining in the area, which should make it lucrative to sell collectively, especially when the demand for land in the luxury end of the market recovers."

He added that the valuation of $1,900 psf made it cheaper than individual sales in the vicinity.

For instance, three units at the nearby Ardmore Park were sold at an average of $3,490 psf in the second half of last year.

A low-floor unit at Four Seasons Park was recently transacted at $2,323 psf.

Mr Singh said that although the market was "experiencing a low point now", a potential buyer of the 38 units could sell them en bloc when the market recovers.

The expression of interest exercise for the sale will close on April 29 at 3pm.

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