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Asia Gardens in District 2 sold en bloc to Sustained Land-led consortium for S$343m

Asia Gardens.jpg
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.

ASIA Gardens, located in District 2, has been sold for S$343 million in a collective sale to a Sustained Land-led consortium including Ho Lee Group and other partners.

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.

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 about 72,059 square feet (sq ft) and a gross plot ratio of 2.8. It was completed in the late 1980s and is located along Everton Road in the Spottiswoode enclave.

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It is close to the CBD and a short drive away from Marina Bay, Clarke Quay, Orchard Road and Harbourfront, said marketing agent Edmund Tie & Company in a statement on 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 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."

Its asking price when the tender was launched in March was S$338 million.

Sustained Land led a consortium that acquired Parkway Mansion along Amber Road in an en bloc deal for S$146.99 million in December 2017.

Sustained Land also bought The Albracca for S$69.1 million in July 2017, for S$69.1 million.

Edmund Tie & Company is also handling the collective sale of Peak Court and Casa Meyfort, with their tenders closing on May 9 and May 21, 2018 respectively.

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