Spanish Village on Farrer Road comprises of 226 apartments with a land area of 7.6 acres and has been put up for en bloc sale with an asking price at S$882 million translating to S$1,721 psf ppr, according to Edmund Tie & Co, sole marketing agents for the property.
Going by an announcement, the developer is also entitled to utilise the 10% URA’s scheme giving more GFA for balconies and help in paring down the cost of land to S$1,659 psf ppr before adding approximately S$55 million towards development charges.
Spanish village was built in the 1980s and sits on a sprawling 331,457 square feet. Elevated feature of the site gives an opportunity to design a landmark development in the midst of a prestigious enclave.
The site enjoys residential use zoning under the 2014 Master Plan with a GPR of 1.6.
Spanish Village is located at 56 Farrer Road, District 10 Singapore within core central region. The area is now the hottest enbloc zone right now as there are over 13 enbloc sites have been sold.
To the south-west of Spanish Village is Tulip Garden which sold en bloc for S$906 million in April 2018. It became the 2nd largest collective sale this year while Pacific Mansion at River Valley still hold the top spot at S$980 million.
The Connectivity of Spanish Village is great as it located around 300 m away from Farrer Road MRT Station. The site is also served by many major roads like Holland Road, Farrer Road, Ayer Rajah Expressway and Pan Island Expressway.
The drone research hub and the shopping belt on Orchard Road are just about 6 minutes drive while the Central Business District is about 12 minutes’ drive away.
The freehold site is also near to the Singapore Botanic Gardens, one of the top attractions around and just opposite is the Empress Market & Food Centre.
Dempsey Hill, Holland Village, and Chip Bee Gardens are also in close proximity to the site.
Spanish Village is also surrounded by famous schools like Raffles Girls’ Primary, Nanyang Girls’ High School, Nanyang Primary, Anglo-Chinese International, The Chinese High School, National Junior College and Hwa Chong Institution.
Tan Chun Ming, Senior director at the Investment advisory also commented that Spanish Village enjoys a strategic location, elevated grounds and significant freehold size of land giving its future development to be potentially an iconic landmark project in the prime District 10.
With an array of good schools in the immediate vicinity and proximity to various lifestyle options as well as CBD, the location has great appeal for families, particularly with school going kids as well as expatriates.
The vibrancy of the area will receive a further fillip from the recent tender awarded by the URA for Holland Village GLS site with mixed use pedestrian-oriented development.
Tender for the Spanish village closes on July 18, 2018 at 10 am