Charming Garden Relaunched En Bloc Sale in 2023 – 999-yr Leasehold D10
The charming Garden condo, a 999-year leasehold site in prime district 10, will be relaunched for collective sale by public tender again on Friday, March 31.
The reserve price remains at S$175 million, according to exclusive marketing agency Colliers on Thursday. The King’s Road site was initially listed for collective sale in December 2022 at the same price.
The four-storey residential development, located at 138 and 140 King’s Road has 32 apartment units.
It is located next to a Good Class Bungalow housing estate on an elevated land of 84,357 square feet (sq ft).
The redevelopment site is located inside an area designated for two-storey semi-detached homes under the Urban Redevelopment Authority’s (URA) Master Plan 2019.
Subject to requirements and URA approval, the land may be rebuilt back to the permitted flats’ building form. New projects may not exceed the revised and validated current gross floor area (GFA) of 85,020 square feet, an increase over the previous launch’s GFA of 83,490 square feet.
According to Colliers, the price corresponds to a land rate of around S$2,058 per square foot (psf) per plot ratio, or S$2,074 psf on land area.
Colliers said that the sale site is also ineligible for the bonus GFA program and has no land betterment fee.
Tang Wei Leng, Collier’s managing director and head of capital markets and investment services, said that the recent sale of Holland Tower, which is located in the same neighborhood, demonstrates the great demand for residential building sites in premium neighbourhoods.
With just 22% of future releases anticipated in the Core Central Region in 2023, Tang said freehold properties in desirable locations near reputed schools are difficult to come by.
Tang also said that the site’s closeness to Nanyang Primary School, which is less than a kilometer away, is an important feature.
Raffles Girls’ Primary School and Hwa Chong Institution are two more nearby schools. The location is five minutes’ walk from Farrer Road MRT station and close to the Singapore Botanic Gardens, Empress Road Market, and Food Centre.
“We anticipate the site’s excellent qualities will appeal to both developers and ultra-high-net-worth individuals,” Tang said.
Charming Garden’s collective sale tender will close on April 14 at 12 p.m.