Cavenagh Gardens owners are still hoping for the en bloc sale of the property but proprietors are not changing their $480 million initial reserve price.
The latest freehold development that is aiming to sell en bloc features 172 apartments in three blocks, which spans 128,255 sq ft and a 2.1 gross plot ratio.
The redevelopment of the project site predicts to yield 400 apartments with 740 sq ft per unit.
The enbloc site location is within the central area, thus, there is no application of the revised URA planning guidelines, particularly the development’s maximum size requirement.
Cavenagh Gardens is close to Centrepoint which is 600m away and 800m from Plaza Singapura, while St. Margaret’s Primary School and Anglo-Chinese School (Junior), are also within the location.
The land rate per square foot per plot ration (psf ppr) for the reserve price is $1,695. This is inclusive of the estimated premium with a value of $18.4 million when purchasing a state land that measures 11,800 sq ft.
In factoring 10 per cent of the bonus GFA or gross floor area, the psf ppr for the site is at $1,541.
According to the latest report, there will be no payable development charge for the Cavenagh Gardens project.
This resolution is confirmed even after the additional 10 percent bonus gross floor area or GFA is already included in the calculation.
The Singapore Land Authority granted the in-principle approval last February, according to a statement from JLL.
The state land’s amalgamation with the site led to its approval. While it has expired, JLL further said that the developer would most likely acquire approved since the land’s location is between the CTE or Central Expressway and the site.
The date for the tender closure will be on January 31 at 3 pm.