Asia Gardens in Spottiswoode area sold $343m
Asia Gardens, in Everton Road in the Spottiswoode enclave, has been sold en bloc for $343 million to a consortium led by developer Sustained Land.
The other partners are builder-cum-developer Ho Lee Group and an investment holding company fully owned by Mr Loi Pok Yen, logistics company CWT's group chief executive.
Owners of the 23-storey freehold development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between $3.476 million and $7.73 million per unit.
The sale price reflects a land rate of $1,722 per sq ft per plot ratio (psf ppr). Due to the high development baseline, there is no development charge payable, which translates to $1,565 psf ppr including the 10 per cent bonus balcony area.
The development, which was completed in the late 1980s, has a land area of approximately 72,059 sq ft and a gross plot ratio of 2.8. It is close to the Central Business District (CBD) and near Marina Bay, Clarke Quay, Orchard Road and HarbourFront, said marketing agent Edmund Tie & Company yesterday.
It can potentially be redeveloped into a 36-storey residential condominium project with approximately 264 apartment units, subject to approval.
Its asking price when the tender was launched last month was $338 million.
"Asia Gardens represents probably the last freehold residential redevelopment site in the precinct," Edmund Tie & Company's senior director of investment advisory Swee Shou Fern said.
"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's director Douglas Ong told The Straits Times it had fully sold its projects with over 1,000 units in total, namely, Sturdee Residences near Farrer Park MRT, TRE Residences in Geylang with MCC Land) and Poiz Residences at Potong Pasir, and has been seeking to replenish its land bank. - THE STRAITS TIMES
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