SINGAPORE – Asia Gardens, in Everton Road near Spottiswoode Park, has been sold for S$343 million in a collective sale to a Sustained Land-led consortium that includes Ho Lee Group and other partners.
The development in District 2 sold for higher than its asking price of S$338 million when the tender was launched in March.
Owners at the 23-storey development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between S$3.476 million and S$7.73 million per unit.
The sale price reflects a land rate of S$1,722 per square foot per plot ratio (psf ppr). Due to the high development baseline, there is no development charge payable, which translates to S$1,565 psf ppr, including the 10 per cent bonus balcony area.
The development has a land area of 72,059 sq ft and a gross plot ratio of 2.8. It was completed in the late 1980s and is located in Everton Road in the Spottiswoode enclave.
The site is close to the Central Business District and a short drive from Marina Bay, Clarke Quay, Orchard Road and HarbourFront, said marketing agent Edmund Tie & Company in a media release on Tuesday (April 17).
It can potentially be redeveloped into a 36-storey residential condominium project with about 264 apartment units, subject to the authorities’ approvals.
Edmund Tie & Company’s senior director of investment advisory Swee Shou Fern said: “Asia Gardens represents probably the last freehold residential redevelopment site in the precinct. 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.”
Sustained Land led a consortium that acquired Parkway Mansion in Amber Road in a collective sale for S$146.99 million in December 2017.
Sustained Land also bought The Albracca for S$69.1 million in July 2017.
Edmund Tie & Company is also handling the collective sale of Peak Court and Casa Meyfort, with their tenders closing on May 9 and May 21 respectively.
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