Asia Gardens sold en bloc for $343m

17 Apr 2018
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Asia Gardens sold en bloc for $343m

Sustained Land-led consortium wins tender for freehold site

Singapore, 17 April 2018 – Edmund Tie & Company (ET&Co) is pleased to announce that freehold Asia Gardens has been sold for $343m via collective sale to Sustained Land-led consortium including Ho Lee Group and other partners.

Located along Everton Road, Asia Gardens has a land area of approximately 6,694.5 square metres (sq m) or 72,059 square feet (sq ft) and 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 a 23-storey development with 80 apartment units and four penthouses.

Situated in District 2, the property 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.

Senior director of investment advisory Swee Shou Fern commented, “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.

“The sale price of $343m reflects a land rate of $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 $1,565 psf ppr including the 10 per cent bonus balcony area. At this sale price, owners are expected to receive gross sale proceeds of between $3.476m to $7.73m per unit.”

ET&Co is also handling the collective sale of Peak Court and Casa Meyfort, with tender closing on 9 May 2018 and 21 May 2018 respectively.

 

 

ENDS

 

 

For further information, please contact:

Vanessa Lim
Manager
Corporate Communications
DID: +65 6393 2369
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

About Edmund Tie & Company

Edmund Tie & Company (ET&Co) is a full-service, real estate consulting firm with more than 500 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. ET&Co offers a comprehensive suite of agency and professional services including investment advisory, commercial and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com

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