Freehold private properties are apparently some of the hottest properties in the collective sale market. And understandably so, especially in land-scarce Singapore where land is a valuable asset.
Last freehold plot in this precinct
Now in a 72,059 sq ft plot of prime land on Everton road, near the woody Spottiswoode enclave have been sold for $343 million. When the property was launched for en bloc tender in March, the original reserve price was $338 million. The buyers are a consortium led by developer Sustained Land.
The 23-storey Asia Garden currently holds 80 apartment units and 4 penthouses. The land rate comes up to approximately $1,722 psf ppr.
The gross plot ratio is 2.9 and there is no development charge for the apartments which were built in the 1980s, hence the late ultimately translates to $1,565 psf ppr with a 10% balcony bonus area. Each unit-owner is expected to receive between $3.476 million and $7.73 million from the sales proceeds.
The plot is near Chinatown, Tanjong Pagar and the Central Business District (CBD). Marina Bay, Clarke Quay, Orchard road and HarbourFront area just a short driveway. Also nearby are the Singapore General Hospital and the Cantonment Police Headquarters. The towering Pinnacle @ Duxton HDB area is just around the corner and could perhaps provide some fodder for future new launches nearby. There are also many modern and international eateries in the Duxton and Keong Saik area.
New launch will come with panoramic views of the city skyline
This large plot may be the last of the freehold land plots in this area. It has an ideal north-south facing and the new launch will come with panoramic views of the city skyline and the Tanjong Pagar Port area. It can potentially yield 264 apartment units over 36 storeys.
Sustained Land is confident of this near project. They have sold all 1,000 units of their previous projects such as Sturdee Residences, TRE Residences, and Poiz Residences. They have also recently acquired Parkway Mansion and The Albracca and are now adding Asia Gardens to their portfolio.