The freehold Asia Gardens has an asking price of $338 million, or a land rate of $1,675 psf ppr. (Photo: Edmund Tie & Co)
Asia Gardens, a freehold residential site in the exclusive Spottiswoode enclave, was put up for collective sale at $338 million on Wednesday (7 March), according to marketing agent Edmund Tie & Co.
Given the plot area of 72,059 sq ft, the asking price translates to a land rate of $1,675 psf per plot ratio (psf ppr), or $1,523 psf based on the maximum potential gross floor area (GFA), including the 10 percent bonus balcony space.
More: Nicon Gardens up for collective sale at $110m
Built in the late 1980s, Asia Gardens consists of 80 apartments and four penthouses. Subject to the authorities’ approvals, it can be redeveloped into a high-rise condo with a height of up to 36 storeys.
It has a gross plot ratio of 2.8 and enjoys a high development baseline. Assuming an average apartment size of 70 sq m (753 sq ft), around 267 new units can be built there. No development charge is payable.
“Asia Gardens probably represents the last remaining freehold residential redevelopment site in District 2,” said Swee Shou Fern, Senior Director for Investment Advisory at Edmund Tie & Co.
It is a short drive from Marina Bay, Orchard Road, Clarke Quay and Harbourfront. It is also close to the upcoming Cantonment MRT station, while the existing Outram Park MRT interchange is 400 metres away.
Meanwhile, Savills Singapore launched for sale a prime site at No. 27 Moulmein Rise and a smaller piece of adjacent land at an overall reserve price of $110 million.
Both plots are owned by a single owner, 27MR. These have a total land area of 22,198 sq ft and maximum allowable GFA of 72,147 sq ft, inclusive of 10 percent bonus balcony space.
The sites at the junction of Moulmein Rise and Sinaran Drive in District 11 can be developed to yield a maximum of 87 units at an average size of 70 sq m. No development charges are payable.
Aside from being close to Novena MRT station, both plots are also within proximity to various malls like Square 2, United Square and Velocity Novena Square. In addition, these are adjacent to the highly-anticipated Health City Novena (HCN), which is expected to be completed by 2030.
More: Eye on Novena: Bridging the past and future
Savills Singapore consultant Steven Ming, who is handling the sale, noted that the sites’ proximity to HCN and Novena MRT makes them highly sought-after.
“There are limited development opportunities and lack of new project launches in the pipeline which are in such close proximity to the Novena MRT station and we expect strong interest in this (combined) site.
“This is an extremely rare offering and apart from adopting a build and sell strategy, the site also makes for an excellent location for a branded service residence that will meet the rising demand from medical tourism in the immediate future”, he said.
The tender exercises for Asia Gardens and 27 Moulmein Rise will close on 16 and 18 April respectively.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org