{"id":82192,"date":"2018-03-08T13:00:41","date_gmt":"2018-03-08T06:00:41","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-fever-hits-asia-gardens-novena-site-up-for-sale\/"},"modified":"2018-03-08T13:04:42","modified_gmt":"2018-03-08T06:04:42","slug":"en-bloc-fever-hits-asia-gardens-novena-site-up-for-sale","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-fever-hits-asia-gardens-novena-site-up-for-sale\/","title":{"rendered":"En bloc fever hits Asia Gardens, Novena site up for sale"},"content":{"rendered":"


\n\u00a0
\nAsia Gardens, a freehold residential site in the exclusive Spottiswoode enclave, has been put up for collective sale for $338 million on Wednesday (7 March), according to sole marketing agent Edmund Tie & Company.
\nGiven the plot\u2019s area of 72,059 sq ft, the asking price translates to a land rate of $1,675 psf per plot ratio (ppr), or $1,523 psf based on the maximum potential gross floor area (GFA), including the 10 percent bonus balcony area.
\nBuilt in the late 1980s, Asia Gardens consists of 80 apartments and four penthouses. Subject to the authorities\u2019 approvals, it can be redeveloped into a high-rise condominium with a height of up to 36 storeys.
\nIt has a gross plot ratio of 2.8 and enjoys a high development baseline. Assuming an average apartment size of 70 sq m, around 267 new units can be built there. No development charge is payable.
\n\u201cAsia Gardens probably represents the last remaining freehold residential redevelopment site in District 2,\u201d said Swee Shou Fern, Senior Director for Investment Advisory at Edmund Tie & Co.
\nIt is a short drive from Marina Bay, Orchard Road, Clarke Quay and Harbourfront. It is also close to the upcoming Cantonment MRT Station, while the existing Outram Park MRT interchange is 400 metres away.
\nMeanwhile, Savills Singapore launched for sale today (8 March) a prime site in District 11 at No. 27 Moulmein Rise and a smaller piece of adjacent land at an overall reserve price of $110 million.
\nBoth plots are owned by a single owner, 27MR Pte Ltd. These have total land area of 22,198 sq ft and maximum allowable GFA of 72,147 sq ft, inclusive of 10 percent bonus balcony space.
\nThe sites at the junction of Moulmein Rise and Sinaran Drive can be developed to yield a maximum of 87 units at an average size of 70 sq m. No development charges are payable.
\nAside from being a stone\u2019s throw from Novena MRT Station, both plots are also within proximity to various malls like Square 2, United Square and Velocity Novena Square. In addition, these are adjacent to the highly-anticipated Health City Novena (HCN), which is expected to be completed by 2030.
\nSavills Singapore consultant Steven Ming, who is handling the sale, noted that the sites\u2019 proximity to HCN and Novena MRT makes them highly sought-after.
\n\u201cThere are limited development opportunities and lack of new project launches in the pipeline which are in such close proximity to the Novena MRT station and we expect strong interest in this (combined) site.\u201d
\n\u201cThis is an extremely rare offering and apart from adopting a build and sell strategy, the site also makes for an excellent location for a branded service residence that will meet the rising demand from medical tourism in the immediate future\u201d, he added.
\nThe tender for Asia Gardens and 27 Moulmein Rise will close on 16 and 18 April 2018 respectively.
\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…En bloc fever hits Asia Gardens, Novena site up for sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Asia Gardens, a freehold residential site in the exclusive Spottiswoode enclave, has been put...<\/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-82192","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-lnG","jetpack-related-posts":[{"id":109476,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/watten-estate-condominium-up-for-en-bloc-sale-for-536m\/","url_meta":{"origin":82192,"position":0},"title":"Watten Estate Condominium up for en bloc sale for $536m","date":"July 30, 2019","format":false,"excerpt":"\r Located at Shelford Road, the condominium is nestled on a sprawling 220,234 sq ft site, which is zoned residential with a gross plot ratio of 1.4 and a total allowable gross floor area of 308,341 sq ft.\u00a0After factoring in the additional buyer\u2019s stamp duty, the development is \u201cattractively priced\u201d\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":69748,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mayfair-gardens-up-for-en-bloc-sale-at-265m\/","url_meta":{"origin":82192,"position":1},"title":"Mayfair Gardens up for en bloc sale at $265m","date":"October 23, 2017","format":false,"excerpt":"\r The asking price works out to a land rate of around $1,058 psf per plot ratio. (Photo: Knight Frank) Mayfair Gardens off Dunearn Road has been launched for collective sale, with the owners expecting offers above the reserve price of $265 million, according to marketing agent Knight Frank. Built\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":89680,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/leonie-gardens-in-district-9-up-for-sale-at-800m\/","url_meta":{"origin":82192,"position":2},"title":"Leonie Gardens in District 9 up for sale at $800m","date":"May 28, 2018","format":false,"excerpt":"\r Leonie Gardens is located close to the Orchard and Somerset MRT stations, as well as the upcoming Great World station in River Valley Road. Leonie Gardens, a 138-unit condominium in prime District 9, was launched for collective sale on Saturday (26 May) with a reserve price of $800 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64818,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/amber-park-and-jervois-gardens-launched-for-sale\/","url_meta":{"origin":82192,"position":3},"title":"Amber Park and Jervois Gardens launched for sale","date":"August 29, 2017","format":false,"excerpt":"\r View of Amber Park, which is expected to be redeveloped into a high-rise project with sea views. (Photo: JLL) The collective sales market continues to roll on with two freehold residential developments \u2013 Amber Park and Jervois Gardens \u2013 launched for tender. Located along Amber Road in Katong, Amber\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102684,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cavenagh-gardens-up-for-en-bloc-sale-at-480m\/","url_meta":{"origin":82192,"position":4},"title":"Cavenagh Gardens up for en bloc sale at $480m","date":"January 4, 2019","format":false,"excerpt":"\r The reserve price for the freehold development in District 9 works out to a land rate of $1,695 psf ppr. (Photo: JLL) Cavenagh Gardens, a freehold residential development along Cavenagh Road in District 9, has been launched for en bloc sale with a reserve price of $480 million, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-small-condo-projects-up-for-en-bloc-sale\/","url_meta":{"origin":82192,"position":5},"title":"Two small condo projects up for en bloc sale","date":"July 5, 2018","format":false,"excerpt":"\r The 12-unit Jansen Mansion along Jansen Road sits on a 16,592.55 sq ft site. (Photo: Huttons Asia) Two small condo developments \u2013 Jansen Mansion and Blossom Mansions \u2013 have joined the collective sale bandwagon, carrying a price tag of $22 million and $32.8 million respectively, revealed marketing agent Huttons\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\/82192"}],"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=82192"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/82192\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=82192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=82192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=82192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}