Marketing agents Centaline Singapore recently re-launched the collective sale bid for the freehold condo D’Grove Villas.
Lowering the asking price slightly to S$392 million, Centaline is hoping to attract investors for this high-rise condominium which is located in the prime location of District 10.
D’Grove Villas is a residential redevelopment property and base on the asking price, it translates to S$2,908 psf per plot ratio.
The freehold property was put up for sale in March at an asking rate of S$398 million. That tender was closed by May.
This was the first time that Centaline Singapore oversaw a collective sale. Its parent company called Centaline Property Group is among Hong Kong’s leading property agents.
D’Grove Villa Condo is located on 8A Orange Grove Road at Ardmore precinct. It is a 21-storey condo comprising of 45 units.
The property measures 50,400 square feet and is a freehold site. It overlooks Singapore Botanic Gardens and offers a panoramic view of the Singaporean skyline.
Under the Master Plan sketched by Urban Redevelopment Authority in 2014, this property can only be used for residential purposes and the total plot ratio is 2.8.
With due authority approvals, this condominium can be redeveloped to have as high as 36 storeys with permissible total floor area of 141,120 square feet which can include balconies.
D’Grove Villa Condo is an attractive and prime property and is only walking distance away from the Orchard Road shopping district.
Schools and the Singapore Botanic Gardens are only a few minutes drive away. There are also several embassies, private clubhouses, good class bungalows (GCB) and serviced apartments nearby.
Ronnie Khoo, the key executive office of Centaline Singapore said that the land value of the property is high considering the facts that there has been a recent surge in property purchases especially by foreigners in the last two months.
He also added that several GCBs recently changed hands and this could have positive effect on the sale of D’Grove Villa.
According to Mr Khoo, property sales have gone up in the recent months especially in the home sector.
The D’Grove Villas tender will end on September 30 by 3 PM.