Charming Garden Third Collective Sale Attempt
On Thursday (June 22), Charming Garden in District 10 will be relaunched for collective sale for the final time, with the same reserve price of S$175 million.
This is the owners’ third attempt at a collective sale, following unsuccessful attempts in December 2022 and March 2023.
The four-storey development at 138 and 140 King’s Road in District 10 contains 32 apartments with a 999-year lease. It is situated on an elevated 84,357-square-foot site adjacent to a Good Class Bungalow housing estate.
Upon successful collective sale, depending on the size of their unit, the proprietors stand to gain between S$5 million and S$6.8 million, according to the exclusive marketing agent, Colliers.
Tang Wei Leng, managing director and head of capital markets and investment services at Colliers, stated that following the conclusion of the second tender, an extraordinary general meeting was convened and a resolution to reduce the condominium’s reserve price from S$175 million was passed.
She stated, “We are in the process of getting the owners to sign the Supplemental Collective Sale Agreement for a lower reserve price.”
Under the 2019 Master Plan of the Urban Redevelopment Authority (URA), the redevelopment site is situated within an area reserved for two-storey semi-detached housing.
URA has advised that the site may also be restored to the approved apartment building, according to Colliers.
Tang stated, “Having the option to build either landed housing or apartments would increase the desirability of the property to prospective buyers.”
She mentioned that the prospective developer can build up to 112,710 square feet of land-based built-up area without incurring any land betterment fees.
In recent years, the only new residential launch in District 10 was the 14-unit One Tree Hill Collection.
The area surrounding Raffles Girls’ Primary School and Hwa Chong Institution is home to Charming Garden en bloc site.
Farrer Road MRT station, which is five minutes away on foot, as well as the Singapore Botanic Gardens and Empress Road Market and Food Centre, are located nearby.
The tender for Charming Garden site will be close on July 10 at 5:00 p.m.