Mandarin Gardens condominium approves asking price of S$2.48b

IF Mandarin Gardens condominium does end up going on the market, potential developers could end up paying over S$4 billion to purchase and build the new property.

Marketing agent C&H Properties told owners this at a second extraordinary general meeting (EGM) on the afternoon of March 25, where they approved the asking price of S$2.48 billion as well as the method of apportionment, according to sources present.

They also approved the collective sales agreement at the meeting held at Touch Centre at Marine Parade Central. With that, the 99-year leasehold estate has begun the process of collecting the 80 per cent signatures required for the collective sale to be launched. The day of the second meeting would also be the 64th day since the first EGM, said the source. The target is to get the 80 per cent mandate in three months.

In addition to the asking price, buyers would have to pay an estimated S$325.4 million as a top-up for a fresh lease, as well as an estimated S$1.28 billion for development charges. This could bring the total tab to close to S$4.09 billion, which translates to S$1,236 per square foot (psf) ppr.

C&H also told owners at the meeting it is hoping to attract either a consortium of local developers, or Chinese buyers, added the source.

If the sale does eventually go through, Mandarin Gardens could smash the existing record for the largest en bloc sale here by dollar value, currently held by the former Farrer Court, which went for S$1.3388 billion in 2007 when a consortium bought the 838,488 sq ft estate and redeveloped it into D'Leedon.