The purchase price is higher than the asking price of $338 million. (Photo: ET&Co)
Asia Gardens along Everton Road in the Spottiswoode area has been sold en bloc for $343 million to a consortium comprising Sustained Land, Ho Lee Group and other partners, revealed marketing agent Edmund Tie & Co on Tuesday (17 Apr).
The purchase price is higher than the asking price of $338 million.
Completed in the late 1980s, the freehold 23-storey development comprises 80 apartment units and four penthouses.
There is no development charge payable due to the high development baseline, hence, the sale price works out to a land rate of $1,565 psf per plot ratio, including the 10 percent bonus balcony area.
The owners are expected to receive between $3.476 million and $7.73 million per unit.
The 72,059 sq ft site could be redeveloped into a 36-storey condominium with about 264 units, subject to authorities’ approvals.
The Central Business District is located at the doorstep of the site, while the nearby Everton Park, Tanjong Pagar and Bukit Pasoh precincts offer a range of amenities and lifestyle options.
“Asia Gardens represents probably the last freehold residential redevelopment site in the precinct,” said ET&Co senior director of investment advisory Swee Shou Fern.
“It is ideally oriented with north-south facing and units in the new development will be able to enjoy unobstructed panoramic views of the city skyline and sea beyond the Tanjong Pagar port area.”
In December 2017, a consortium led by Sustained Land purchased Parkway Mansion at Amber Road for $146.99 million.
The Albracca in Meyer Road was also sold to Sustained Land for $69.119 million in July of that same year.
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