Collective Sales of Asia Gardens and Jade Towers

Savills Singapore is pleased to announce the launch for sale by tender the collective sale of Asia Gardens and Jade Towers – both freehold redevelopment sites are located within established residential enclaves. This is also the first time that both developments have achieved the relevant 80% majority mandate to proceed with the collective sales exercise. 

Asia Gardens, an 84-unit condominium development, is located at 42 Everton Road in District 2. The corner plot, having a site area of about 72,059 sq ft, is zoned “Residential” with an allowable plot ratio of 2.8 under the 2008 Master Plan. The allowable Gross Floor Area is 201,765 sq ft.

The site lies within a popular residential enclave that is fast undergoing its own rejuvenation with the proposed transformation of the former Tanjong Pagar KTM Railway Station, Tanjong Pagar Container Terminal as well as the redevelopment of several high-end residential projects. The Outram Park MRT Interchange is mere minutes walk from the site. Only 1 MRT station separates it from Vivocity, Resort World Sentosa (RWS) and Universal Studios. 

Units within the nearby Spottiswoode 18 had achieved prices in excess of S$2,400 psf when it was launched last year and prior to that, several units at Spottiswoode Residences were transacted at levels close to S$2,250 psf.

The Collective Sale of Asia Gardens has an indicative guide price of between S$302.6 million to S$307.7 million or about S$1,500 to S$1,525 psf ppr respectively. No Development Charge is payable.

Jade Towers comprises two 10-storey blocks with a total of 72 apartments of about 1,453 sq ft each. Subject to confirmation by the relevant authorities, the site with an area of 92,412 sq ft can potentially be redeveloped or reconfigured to accommodate a gross floor area of 131,702 sq ft exceeding the allowable plot ratio of 1.4 as stipulated in the Master Plan 2008. 

Located along Lew Lian Vale, off Upper Serangoon Road in District 19, it is minutes walk from the Nex Mall, Serangoon MRT Station and Bus Interchange. Popular schools including Paya Lebar Methodist Girls’ School, Cedar Primary School and St Gabriel’s Primary School are all located within the 2-km radius of Jade Towers. 

With a near rectangular configuration, the site can be redeveloped or reconfigured into 101 new condominiums averaging 1,200 sq ft each. 

The collective sale of Jade Towers has an indicative guide price of S$108.8 million to S$110.8 million or S$826 to S$841 psf ppr respectively.

Recent transactions registered at the nearby Suites @ Paya Lebar were between S$1,281 to S$1,414 psf, while units at Urban Residences were sold for S$1,203 to S$1,332 psf.

“These two freehold sites are likely to draw keen interest from developers due primarily to their excellent site attributes. Apart from their popular residential address, the sites are conveniently located and enjoy good accessibility to MRT Interchange stations as well as amenities. Another key attraction is that the sites offer unblocked views of low-rise developments in the immediate vicinity,” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore who is handling the sale.

She added, “Asia Gardens is the last available freehold residential plot in the popular Spottiswoode enclave in District 2, an upcoming inner-city residential hotspot which is fast catching up with the traditional prime districts of 9, 10 and 11. Strategically situated at a prominent corner, the site lies close to the CBD, the 2 integrated resorts and the soon-to-be rejuvenated Tanjong Pagar Railway and waterfront city. It also commands panoramic views of the city skyline, the port and lush greenery. 

On the other hand, Jade Towers is a hidden gem which is nestled within an established suburban residential enclave. The existing development which comprises two 10-storey tower blocks overlooks unobstructed views of the low-rise landed housing and condominium developments in the immediate vicinity. In addition, its sizeable plot size of over 92,000 sq ft coupled with its convenient location near the Serangoon MRT Interchange and the popular Nex mall further enhances the attractiveness of the site.” 

The tender for Jade Towers and Asia Garden will close at 3pm on 16 February 2012 and 29 February 2012 respectively.