Dragon Sold For 130 Million
Friday, 18th November 2011
Dragon Mansion, located at 14 Spottiswoode Park, was sold by 86 home owners in a collective sale at a bargain price to a property developer - Spottiswoode Development. The sale represent about 1.9 million for each of the owner as the final price was 16% below the initial asking price of S$156 million. If is a 99-years leasehold site, one would understand the rational. But this is a freehold site - so it is another case of the owner killing the goose that lays the golden eggs.
So, it is goodbye Dragon! One clever property developer verses eighty-six not so clever ex-freehold home owners.
Photo Credit: Flickr