Business

Cavenagh Gardens goes en bloc again at same $480m reserve price

Cavenagh Gardens is the latest development hoping for another chance to sell en bloc, but the owners are not budging from their initial reserve price of $480 million.

The project comprises three blocks of 172 apartments, spanning 128,255 sq ft with a gross plot ratio of 2.1.

Marketing agent JLL said the site could be redeveloped to yield 400 apartments of about 740 sq ft each.

As it is within the central area, revised URA planning guidelines on the maximum size of developments outside the central area do not apply.

The project is 600m from The Centrepoint and 800m from Plaza Singapura. Anglo-Chinese School (Junior) and St Margaret's Primary School are also in the area.

The reserve price translates to a land rate of $1,695 per square foot per plot ratio (psf ppr) and includes an estimated premium of $18.4 million to buy about 11,800 sq ft of state land.

It would be $1,541 psf ppr after factoring in the 10 per cent bonus gross floor area (GFA).

No development charge is payable for the site, even after including the additional 10 per cent bonus GFA.

JLL said in-principle approval was granted by the Singapore Land Authority last February for amalgamating the state land with the site.

While this has expired, JLL says a developer is very likely to get approval as the land is located between the site and the CTE. The tender closes at 3pm on Jan 31. - THE STRAITS TIMES

Property