Gilstead Court Tries for En Bloc Sale Again with $198 Million Price Tag

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Gilstead Court Tries for En Bloc Sale Again with $198 Million Price Tag

Summary:

The owners of Gilstead Court, a freehold residential property in the Novena area, are making their fourth attempt at a collective (en bloc) sale. They are asking for a minimum price of S$198 million. If the sale goes through, each current apartment owner could receive around S$4 million.

Key Details:

* The Property: Gilstead Court currently has 48 apartments. A new developer could use the land to build a brand new five-story building with up to 98 apartments.

* Location: It is located in a prime area (District 11) close to the Novena MRT station, shopping, dining, and several popular schools.

* Past Attempts: The owners previously tried to sell the property together in 2008, 2013, and 2018/2019. These past attempts failed for various reasons, including a lack of agreement among owners, legal challenges, and market cooling measures.

The current tender for developers to bid on the property will close on October 13.