The low-rise condominium located off Paya Lebar Road has a reserve price of $65 million. (Photo: Knight Frank)
Fragrant Gardens, a low-rise residential development located off Upper Paya Lebar Road has been put up for en bloc sale with a reserve price of $65 million, revealed marketing agent Knight Frank Singapore.
With no development charge payable, this works out to a land rate of about $1,204 psf per plot ratio (psf ppr). Including a 10 percent bonus balcony gross floor area (GFA), the land rate is a lower $1,094 psf ppr, subject to approval of the relevant authorities.
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Fragrant Gardens comprises two adjoining blocks with 37 apartment units. It sits on a 38,576 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 1.4 and a maximum permissible GFA of around 54,005 sq ft. This means the site can be redeveloped into 71 new apartment units averaging about 753 sq ft each.
Knight Frank noted that the Land Transport Authority has confirmed that no pre-application feasibility study is required for the site.
Just two bus stops away from Serangoon MRT station and NEX Mall, the freehold condo is a short drive to Changi Airport, the central business district and Orchard Road. Nearby schools include Maris Stella High School as well as Paya Lebar Methodist Girls’ Primary and Secondary Schools.
“The reserve price for Fragrant Gardens is very competitive compared to the transaction of Sun Rosier at $1,325 psf ppr ($271 million),” said Knight Frank Singapore executive director and head of investment and capital markets Ian Loh.
“Despite recent government cooling measures, the price quantum of $65 million is a palatable, low-risk acquisition to mid-sized developers. Coupled with no possible risk of development charge movements, we believe the site could attract developers with lower risk appetites looking for redevelopment opportunities.”
The tender for Fragrant Gardens closes on 4 September.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
