ASIA GARDENS EN BLOC NEWS
Asia Gardens was sold in a collective sale to a Sustain Land led consortium. The new development in its place - SKY EVERTON - will be launched in June 2019. Probably the last freehold land plot in the vicinity, it is expected to be well-received by both home-owners and property investors. Book a priority viewing slot with us to skip the lines during the VVIP Preview!
Asia Gardens in Everton Road sold en bloc for S$343m to Sustained Land-led consortium
Article from The Straits TImes
PUBLISHED APR 17, 2018, 3:38 PM SGT
Asia Gardens, in Everton Road near Spottiswoode Park, has been sold en bloc for S$343 million to a Sustained Land-led consortium that includes Ho Lee Group and other partners.
The development in District 2 sold for higher than its asking price of S$338 million when the tender was launched in March.
Owners at the 23-storey development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between S$3.476 million and S$7.73 million per unit.
Land Price
The sale price reflects a land rate of S$1,722 per square foot per plot ratio (psf ppr). Due to the high development baseline, there is no development charge payable, which translates to S$1,565 psf ppr, including the 10 per cent bonus balcony area.
The development has a land area of 72,059 sq ft and a gross plot ratio of 2.8. It was completed in the late 1980s and is located in Everton Road in the Spottiswoode enclave.
The site is close to the Central Business District and a short drive from Marina Bay, Clarke Quay, Orchard Road and HarbourFront, said marketing agent Edmund Tie & Company in a media release on Tuesday (April 17).
It can potentially be redeveloped into a 36-storey residential condominium project with about 264 apartment units, subject to the authorities' approvals.
Edmund Tie & Company's senior director of investment advisory Swee Shou Fern said: "Asia Gardens represents probably the last freehold residential redevelopment site in the precinct. 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 led a consortium that acquired Parkway Mansion in Amber Road in a collective sale for S$146.99 million in December 2017.
Sustained Land also bought The Albracca for S$69.1 million in July 2017.
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Article from Edmund Tie & Company media release
MAR 07, 2018
Freehold Asia Gardens along Everton Road up for collective sale
Edmund Tie & Company, the sole marketing agent for Asia Gardens, is pleased to offer the freehold residential collective sale site for sale by tender. Located in the exclusive Spottiswoode enclave, the development was completed in the late 1980s and comprises 80 apartments and four penthouses.
The subject property has a land area of approximately 6,694.5 square metres (sq m) (72,059 square feet (sq ft)) and is zoned for residential use at Gross Plot Ratio of 2.8 under the URA Master Plan 2014. Subject to the relevant authorities’ approvals, the site can be redeveloped into a high-rise condominium project of a maximum height of 36 storeys with about 267 units, assuming an average apartment size of 70 sq m.
Location
Situated in District 2, Asia Gardens is well positioned in a central location, yet quietly tucked away in a serene residential neighbourhood. The CBD is just at its doorstep and popular areas such as Marina Bay, Clarke Quay, Orchard Road and Harbourfront are all within a short drive away. A myriad of amenities and lifestyle options are also within walking distance at the nearby Everton Park, Tanjong Pagar and Bukit Pasoh precincts.
Connectivity
The property enjoys excellent connectivity to other parts of Singapore via major roads and expressways such as Keppel Road, New Bridge Road, Eu Tong Sen Street, Ayer Rajah Expressway (AYE) and Central Expressway (CTE). Outram Park MRT interchange serving the East-West Line, North-East Line and the upcoming Thomson-East Coast Line is around 400 metres away. Accessibility will be further boosted upon the completion of the Cantonment MRT station on the Circle Line, which will only be 250 metres from the property.
Swee Shou Fern, Senior Director, Investment Advisory commented: “Asia Gardens probably represents the last remaining freehold residential redevelopment site in District 2. The property has excellent site attributes with regular configuration and North-South orientation, enjoying unobstructed panoramic views of the city skyline and sea beyond the Tanjong Pagar port area.”
Asia Gardens enjoys a high development baseline and no development charge is payable including the 10% bonus balcony area. The asking price is $338 million, which reflects a land rate of $1,675 per square foot per plot ratio (psf ppr), or $1,523 per sq ft on the maximum potential gross floor area (GFA), including the 10% bonus balcony area.
The tender exercise for the site will close on Monday, 16 April 2018 at 3pm.
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