Asia Gardens put up for sale at lower price

Asia Gardens, a freehold 84-unit condo development located within the upcoming Spottiswoode residential cluster has been launched for collective sale.

According to marketing agent Savills Singapore, the development sits on a 72,059 sq ft land parcel and has a gross floor area (GFA) of 201,465 sq ft. With a plot ratio of 2.8, the site is zoned for residential use under the 2008 Master Plan.

The property has an indicative guide price of between S$273.2 million and S$300.3 million, which works out to S$1,354 and S$1,488 psf ppr respectively.

The owners are setting their sights a little lower, compared with the $302.6 million to $307.7 million they wanted in January. No development charge is payable for the site.

“Asia Gardens, with an attractive downtown address and excellent site attributes, will draw interest from developers. It enjoys a wide prominent frontage along Everton Road and is conveniently served by the MRT network and expressways,” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore.

She noted that the site enjoys scenic views of the city skyline, harbour and lush greenery.

“Asia Gardens is probably the last remaining freehold residential plot in the CBD (central business district) precinct. The Spottiswoode enclave has proven to be a much sought after inner-city residential hotspot as evidenced by the good take-up rates for Spottiswoode 18 and Spottiswoode Residences,” added Mok.

The tender for Asia Gardens will close on 31 July.

Source : PropertyGuru – 2012 Jul 10

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