Freehold property Asia Gardens sold en bloc for S$343 million

SINGAPORE – Asia Gardens, a freehold condominium located along Everton Road, has been sold for S$343 million in a collective sale to a Sustained Land-led consortium consisting of Ho Lee Group and other partners.

Owners at the 23-storey condominium, which consists of 80 apartment units and four penthouses, are expected to reap gross sale proceeds of between S$3.476 million and S$7.73 million per unit.

Real estate consulting firm Edmund Tie & Company said in a press release on Tuesday (April 17) that the sale price reflects a land rate of S$1,722 per square foot (psf) per plot ratio (ppr). There is no development charge payable due to the high development baseline, which will translate to S$1,565 psf ppr including the 10 per cent bonus balcony area.

The property’s asking price when the tender was launched in March was S$338 million.

With a land area of about 6,694.5 square metres, or 72,059 square feet, the District 2 property can potentially be redeveloped into a 36-storey residential condominium project with approximately 264 apartment units – subject to authorities’ approvals.

Completed in the late 1980s, Asia Gardens is located in the Spottiswoode area, which is close to the Central Business District, and a short drive away from other popular areas such as Marina Bay, Clarke Quay, Orchard Road and Harbourfront, said Edmund Tie & Company.

“Asia Gardens represents probably the last freehold residential redevelopment site in the precinct,” said Ms Swee Shou Fern, the firm’s senior director of investment advisory.

“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.”

In July last year, Sustained Land bought The Albracca for S$69.1 million, before leading a consortium that purchased Parkway Mansion for S$146.99 million.

Edmund Tie & Company is also handling the collective sale of Peak Court and Casa Meyfort, and the tenders will close on May 9 and May 21, 2018, respectively.