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D'Grove Villas along Orange Grove Rd up for collective sale
D'GROVE Villas, a freehold high-rise residential redevelopment site in District 10 along Orange Grove Road, is up for collective sale at an asking price of S$398 million, according to marketing agent Centaline Singapore.
With an estimated site area of 50,400 sq ft, the development is 21-storeys high with a total of 45 units, and is located adjacent to the Orchard Road shopping belt.
The permissible gross floor area including balconies upon redevelopment is 141,120 sq ft, which is subject to approval. The site has an allowable building height of 36 storeys for future redevelopment. According to the Urban Redevelopment Authority's Masterplan 2014, the site is zoned "Residential" with a gross plot ratio of 2.8.
This is the first collective sale project in Singapore that is marketed by Centaline Singapore. Its parent company Centaline Property Group is one of Hong Kong's largest property agencies.
Centaline Singapore CEO Ronnie Khoo said that the firm has been actively expanding its business in Singapore for the past several years.
"Though new property cooling measures were announced last year, private luxury developments are still in demand among overseas investors due to the limited supply of land in prime locations," he noted.
"Compared to other world-class cities like Hong Kong, London and New York, the price still remains attractive for luxury developments in Singapore."
Mr Khoo added that Singapore's stable economy also makes it more attractive for overseas developers and investors looking for a long-term investment here.
The collective sales tender for D'Grove Villas will close on May 23 at 3pm.