While other Spanish Village owners wait for the outcome of a third en-bloc sale attempt, one unit has sold for over $3 million.
A 2,368 square foot unit has sold for $3.08 million, more than twice the original purchase price 17 years ago. The first-floor unit is also Spanish Village’s first transaction in about two years. Its last transaction was in November 2017, when a 2,056 square foot unit on the second floor sold for $2.55 million.
Spanish Village tender closing in 11th March
In just six days, the tender for Spanish Village’s collective sale will close. The 266-unit, freehold development by Edmund Tie & Co has an estimated launch price of $882 million.
However, its owners are already in the process of lowering the reserve price to $828 million. This may be a partial response to recent cooling measures, in which developers are faced with a higher Additional Buyers Stamp Duty (ABSD).
The en-bloc fever from 2017 has simmered down, in the face of new stamp duties, higher development charges, and overall economic uncertainty.
Spanish Village is located at the affluent District 10, directly across the Empress Road Market & Food Centre and near Holland Village. Its prime location and age (Spanish Village was completed in 1987) makes it desirable to many developers.
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