The Farrer Road Condo make the 3rd launch, New Year might bring New Luck and Success to this attractive Freehold Site
The owners of Spanish Village have launched their property for collective sale. Interestingly this will be their third attempt at collective sale for the property on Farrer Road.
The owners have factored in the cooling measures that were announced last July and are planning to lower its reserve price a trend we have seen with several collective sales that have been re-launched in the recent months.
A spokesperson for Edmund Tie & Company, the marketing agent for the sale stated that considering the cooling measures the CSC (collective sale committee) has decided to go ahead with launching their tender as this might be their last chance to sell Spanish Village.
The spokesperson added that given the fact that this site has several positive attributes the owners feel they might turn third time lucky with the sale.
There are 226 units in this property and the owners are currently signing the supplementary agreement for lowering its reserve price.
The new reserve price of $828 million will be 6% lower than the $882 million in their last sale attempt that was unsuccessful.
Spanish Village was completed around the 1980s and covers 331,457 sq ft in area. Going by the current $882 million guide price the land rate of the property is $1,721 psf ppr.
The price also includes the $30 million development charges payable.
According to Edmund Tie & Company the Land Transport Authority had already given its in-principal go ahead last September for redevelopment of this site into a for 703 units and the pre-application feasibility study had also been completed.
The tender exercise for Spanish Village shall close on March 11, 3:00 PM.
Interestingly Gilstead Court the 48-unit estate in the close vicinity of Novena MRT station was re-launched for en bloc sale last month.
The CSC had lowered the reserve price from the earlier $168 million to $153 million.
According to people who are in knowledge of this sale more than 60% of the owners had given their consent to lowering of price by signing the supplemental agreement by the end of January.
But to re-launch the collective sale the owners would have to achieve 80% consent from the owners based on floor area of the property and its share value.
The story has been same for Yuan Ching Road’s Lakeside Apartments where the reserve price of the 120-unit property has been lowered to $205 million from the earlier $240 million.
By the end of the last month 70% owners had given their consent to lowering of the reserve price and the CSC is working hard to get the remaining owners to sign the supplemental agreement.
Both Lakeside Apartments and Gilstead Court would see their tendering exercise close on February 27
A freehold property that is located in Prime District 10 within Core Central Region
The property is well-connected by Holland Road and Farrer Road. It also has easy access to Ayer Rajah Expressway and Pan Island Expressway
Farrer Road MRT Station is only 300 meters from this site
The green surrounding around the property is a major crowd puller. Singapore Botanical Garden, World Heritage Site, One North and R&D Hub are in close vicinity
There are several educational institutions located nearby including Raffles Girls’ Primary School, Nanyang Girls’ High School and Nanyang Primary School.
Empress Road Market & Food Centre is few hundred meters from this site. Other shopping destinations nearby include Chip Bee Gardens, Dempsey Hill, Holland Village and Orchard Road