Dragon Mansion was the first project to have attempted en bloc in 2009 and they seem to be having a decent result from it.
Roxy-Pacific has agreed to acquire the site at Spottiswoode Park, but at a price below the estate’s original reserved asking price of $120 million (1,020psf ppr). The developer has offered $100.8 million (860psf ppr).
To make the en bloc a success, the sales committee will have to get 80% signature consent from the owners again to reduce the reserve price to get a fresh sale order from the Strata Titles Board. This scenario is exactly the same for Laguna Park, which has rumored to have consider reducing its reserve price down from 1.2 billion to 950million or 1 billion.
Roxy-Pacific cites that it needs to replenish its land bank, and will look at Dragon Mansion as the third land site to acquire. It has done two sites this year, both in Joo Chiat area totalling 1,966sqm of land.