{"id":67140,"date":"2017-09-22T11:05:19","date_gmt":"2017-09-22T04:05:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/spring-grove-looking-to-en-bloc-again\/"},"modified":"2017-09-22T11:05:36","modified_gmt":"2017-09-22T04:05:36","slug":"spring-grove-looking-to-en-bloc-again","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spring-grove-looking-to-en-bloc-again\/","title":{"rendered":"Spring Grove looking to en bloc again"},"content":{"rendered":"


\nView of the Spring Grove condo near Orchard Road. (Photo: Knight Frank)
\nAfter a failed attempt at an en bloc sale in 2014, the owners of Spring Grove condominium in Grange Road are once again looking for law firms and a marketing agent that could help them sell the 325-unit estate for at least $1 billion, reported the Straits Times.
\nBased on a maximum gross floor area of 553,377 sq ft, a $1 billion price tag works out to around $1,807 psf, up from the $1,285 psf to $1,438 psf price that units within the development fetched so far this year.
\nSEE ALSO: New development charges to affect en bloc deals
\nThe owners attribute their bullish outlook to the estate\u2019s prime location as well as the red-hot collective sale market.
\nLocated near the residential areas of Bishopgate and Chatsworth Road, Spring Grove is also near the Central Business District and Orchard Road.
\n\u201cWe don\u2019t have a price in mind, but it will be a project worth a billion dollars or more,\u201d said Spring Grove sale committee chairman Adrian Loh.
\nHowever, the developer of the estate \u201cwill have to pay the owners of Spring Grove as well as the US government\u2026 to top up the lease\u201d, said Loh.
\nThis comes as the development is built on the site of the previous US diplomatic residence. As such, the land will revert to the US government following the end of the 99-year lease, which to date has 73 years left.
\n\u201cThere are quite a lot of sales en bloc going on now, but not that many are in the prime district, so that\u2019s something going for this development,\u201d said ZACD Group executive director Nicholas Mak.
\n\u201cBut properties where the asking price goes beyond $1 billion are challenging for developers\u2026 They do present some financial risk.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Spring Grove looking to en bloc again<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of the Spring Grove condo near Orchard Road. (Photo: Knight Frank) After a failed...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-67140","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-hsU","jetpack-related-posts":[{"id":83739,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/owners-set-2-48b-price-tag-for-mandarin-gardens\/","url_meta":{"origin":67140,"position":0},"title":"Owners set $2.48b price tag for Mandarin Gardens","date":"March 26, 2018","format":false,"excerpt":"\r The overall cost for Mandarin Gardens could shoot up to $4.09 billion, taking into account the development charge and lease top-up. Residents at Mandarin Gardens approved the $2.48 billion selling price on Sunday (26 March), but they are still currently gathering the signatures of at least 80 percent of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101169,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-eyes-new-en-bloc-record-with-2-79b-price-tag\/","url_meta":{"origin":67140,"position":1},"title":"Mandarin Gardens eyes new en bloc record with $2.79b price tag","date":"November 12, 2018","format":false,"excerpt":"\r The owners increased the asking price from the previous $2.48 billion after the development was found to be undervalued by more than $300 million.\u00a0 Mandarin Gardens condominium is set to break a new record as its owners have increased the asking price for the 1,006-unit development at East Coast\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":87006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-properties-launched-for-en-bloc-sale\/","url_meta":{"origin":67140,"position":2},"title":"Two freehold properties launched for en bloc sale","date":"May 3, 2018","format":false,"excerpt":"\r Holland Tower in District 10 was put up for sale with a reserve price of $65 million. (Photo: SRI) More homeowners are trying their luck at collective sales, with two freehold developments launched at a combined price of $103 million. The Holland Tower condominium in District 10 was put\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99044,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/faber-garden-up-for-en-bloc-sale-again\/","url_meta":{"origin":67140,"position":3},"title":"Faber Garden up for en bloc sale again","date":"October 3, 2018","format":false,"excerpt":"\r Faber Garden in Upper Thomson has a reserve price of $1.18 billion. (Photo: CBRE) The owners of Faber Garden have relaunched the 236-unit development for en bloc sale, after its first attempt closed without a sale in May. They have kept the reserve price unchanged at $1.18 billion. More:\u00a0Developers\u2019\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105135,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/casa-sophia-relaunched-for-en-bloc-sale-at-lower-price\/","url_meta":{"origin":67140,"position":4},"title":"Casa Sophia relaunched for en bloc sale at lower price","date":"March 19, 2019","format":false,"excerpt":"\r Most of the owners agreed to a lower asking price of $30 million or $1,158 psf ppr, revealed marketing agent ERA. The 12-unit Casa Sophia has been relaunched for collective sale by private treaty, after most of the owners agreed to a lower asking price of $30 million or\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93260,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-up-for-en-bloc-sale-for-1-1b\/","url_meta":{"origin":67140,"position":5},"title":"Horizon Towers up for en bloc sale for $1.1b","date":"July 6, 2018","format":false,"excerpt":"\r The reserve price works out to a land rate of $1,964 psf per plot ratio. (Photo: JLL) Horizon Towers, a 211-unit residential development at Leonie Hill in District 9, has been launched for collective sale with a reserve price of $1.1 billion. Including the lease top-up premium of about\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/67140"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=67140"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/67140\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=67140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=67140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=67140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}