Anderson 18 owners to get $6.75m each from condo sale

Anderson 18 owners to get $6.75m each from condo sale

LUCKY owners at the Anderson 18 condominium will each reap around $6.75 million for their units from the collective sale of their prime Ardmore area development.

The price represents a huge jackpot for the 71 owners, given that the last unit sold at the condo reaped a considerably lower price of $3.4 million last May, said property firm Knight Frank yesterday.

The en bloc buyer is a joint venture of City Developments (CDL) and Wing Tai, which will pay $477.7 million for the 10,414 sq m freehold estate near Raffles Girls Secondary School. There is also a $40.11 million development charge that brings the total outlay to $517.8 million.

The bumper price, brokered by property consultancy Knight Frank, easily trumps anything else in the Ardmore area.

Last month, CapitaLand bought Gillman Heights for a heftier $548 million, but that was for a huge development with 607 units and one shop.

Anderson 18's total price works out to a land value of $1,650 per sq ft (psf) of potential gross floor area, way above the $1,369 psf price achieved for the neighbouring Ardmore Point last October.

The sale of Anderson 18 is likely to make it the second most expensive residential site in Singapore, after The Parisian in Angullia Park, which carried a price tag of $1,735 psf of potential gross floor area.

Knight Frank said a new development of up to 36 storeys on the Anderson 18 site will offer unobstructed views of low-rise developments from Shangri-La Hotel to Bukit Timah Hill.

The site's break-even cost is projected at about $2,300 psf.

It would be aimed at wealthy individuals looking to use Singapore as a base. This is because high-end residential prices here still look attractive compared with such cities as Hong Kong, London and New York, said Knight Frank managing director Tan Tiong Cheng.

In a separate statement, another prime freehold site Grange Heights has been put up for sale by expression of interest.

Jones Lang LaSalle, which is marketing the 136,678 sq ft site, said Grange Heights owners are expecting a price close to that achieved by The Parisian. Developers have to indicate their interest in the 120-unit development in district 9 by March 29.