Prime freehold Parkway Mansion sold for $146.99m

The sale price went over 6.5% of the asking price.

The prime freehold development Parkway Mansion at 9 Amber Road has been sold to a consortium led by Sustained Land Pte Ltd for $146.99m, Colliers International revealed.

According to a press release, the sale price broke 6.5% above the guide price of $138m.

The sale price and an estimated development charge of approximately $21m translate to a land rate of $1,536 psf ppr.

The land rate for Parkway Mansion far surpassed prices achieved in recent collective sales in the area, such as The Albracca ($1,409 psf ppr), and Nanak Mansions ($1,429 psf ppr) in Meyer Road, as well as Amber Park ($1,515 psf per plot ratio).

Tang Wei Leng, managing director at Colliers International, said, “We have received several bids from developers and investors. The Sale Committee decided to award the tender to SL Capital (3) Pte Ltd who submitted the highest unconditional offer."

Apartment sizes at the 17-storey development range from 1,819 sqft to 1,948 sqft.

Depending on the size of their property, each owner will stand to receive between $4.5m and $4.7m in gross proceeds upon completion of the sale. The sale proceeds is about 70% above the open market value based on the last transaction in 2013.

Under the 2014 Master Plan, the 38,975 sqft site is zoned for residential use and has a potential total gross floor area (GFA) of approximately 109,130 sqft.

Parkway Mansion is located just 100 metres from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line which is slated for completion in 2023 and is easily accessible to an array of amenities including Parkway Parade mall, and the popular East Coast Park beach.