Owners of Mandarin Gardens approved the S$2.48 billion asking price for an en bloc sale attempt at the second extraordinary general meeting, which lasted over 4 hours. The potential buyer could pay above S$4 billion (S$1,236 per square foot per plot ratio) to acquire the property and build a new project.
ZACD Group executive director, Nicholas Mak said, “If the Mandarin Gardens en bloc does get concluded, and the land cost comes to about S$4 billion, it will set an all-time record, which is quite likely to not get broken by one or two decades even. But it would also give some encouragement to other larger ageing estates, such as Pine Grove or Braddell View.”
Watch the Channel 5 interview here (17:33 – 18:33) here.