Collective Sale of Asia Gardens -  Prime Freehold Residential Site for Sale by Tender

09 July 2012

Savills Singapore is pleased to announce the launch for sale by tender, the collective sale of Asia Gardens.

Asia Gardens, a 84-unit condominium development, is situated within the upcoming Spottiswoode residential cluster. Zoned “Residential” with an ascribed plot ratio of 2.8 under the 2008 Master Plan, the development occupies a land area of about 72,059 sq.ft. The allowable gross floor area is 201,765 sq.ft.

The site lies within an area which is fast undergoing major rejuvenation with the proposed transformation of the former Tanjong Pagar KTM Station, Tanjong Pagar Container Terminal as well as the redevelopment of several prestigious high-rise apartments.

The Collective Sale of Asia Garden has an indicative guide price between S$273.2 million to S$300.3 million or about S$1,354 to S$1,488 psf ppr respectively. In comparison, the adjacent Dragon Mansion at 14 Spottiswoode Park Road, with a site area of 38,618 sq.ft, was sold for S$1,202 psf ppr in November 2011.

In view of its high development baseline, the subject plot does not attract any development charge including the extra 10 per cent Gross Floor Area permissible for balconies. Factoring the bonus 10 per cent balcony space, the indicative land price would be lowered to around S$1,231 to S$1,353 psf ppr respectively.

“Asia Gardens, with an attractive downtown address and excellent site attributes, will draw interest from developers. It enjoys a wide prominent frontage along Everton Road and is conveniently served by the MRT network and expressways. The Outram Park MRT interchange linking both the East-West and North-East Lines is few minutes walk from the site while the Circle Line at Harbourfront MRT Station is just one station away. The site also offers panoramic views of the city skyline, greenery and harbour.” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore who is handling the sale.

She added, “Asia Gardens is probably the last remaining freehold residential plot in the CBD precinct. The Spottiswoode enclave has proven to be a much sought after inner-city residential hotspot as evidenced by the good take-up rates for Spottiswoode 18 and Spottiswoode Residences. Small units of one and two-bedroom apartments achieved price levels of around S$2,250 to S$2,400 psf. The convenience and affordability of such apartments will continue to be popular with investors and owner-occupiers.”

 

The tender for Asia Gardens will close at 3pm on 31 July 2012.

 

 

 

 

 
 

Key contacts

Suzie Mok

placeholder

Senior Director, Investment Sales

Savills Singapore

+65 6415 3625

 

 

placeholder