The series of en bloc sales continue in Singapore, with the recent sale of Asia Gardens, a rather impressive property on the Everton Road. Located very close to the Spottiswoode Park, the development that has no less than 23 stories, was just sold for the amount of $343 million. A consortium led by Sustained Land was the winning bidder of this collective sale. Thus, the owners of the units in Asia Gardens, 80 in total, should expect receiving sums situated between $3.476 million and $7.73 million for each unit, once the sale completes.
When the tender for this particular property was made public in March, the minimum asking price for Asia Gardens was of $338 million. As it is more than obvious, the development got sold for a higher sum than the initial request of the owners. The property has a surface of 72,059 sq. ft. and was completed back in the 80s. Due to the development baseline that is rather high for Asia Gardens, the new owners of the property won’t have to pay a development charge for it. This means that the value per square foot per plot ratio is $1,565, which also includes a balcony area that represents a 10% bonus.
The location of the property may have made it so desirable, as it is not too far away from the Central Business District. Also, the Marina Bay, Orchard Road, Clarke Quay, and HarbourFront are just a short drive away. What about the potential of this property? Well, the developer could transform this 23-story building into a 36-story one, which will have a total of 264 units, according to the approvals that can be released by the authorities. Also, according to the statement made by the senior director of investment advisory of Edmund Tie & Company, Swee Shou Fern, Asia Garden represents one of the last freehold re-development sites with a residential destination in this particular precinct. The future homeowners of this re-development will enjoy stunning views of the sea, which spreads further than the Tanjong Pagar port, and city’s skyline, due to the convenient north-south positioning of the building.
But, Asia Garden is not the only collective sale ceased by the consortium led by Sustained Land. It also acquired, in the same manner, the Parkway Mansion, located on Amber Road, in the last month of 2017, for the sum of $146.99 million. Also, in the summer of 2017, it also got The Albracca, a property that sold for the sum of $69.1 million. Concerning Edmund Tie & Company, they have other tenders to keep an eye on, as the closing dates for two more properties are closing in the coming month. We are talking about Peak Court, with a tender that ends on the 9th of May, and Casa Meyfort, which ends on the 21st of May.
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