Spring Grove Condominium site stands in at 553,377 sq ft, with owners currently hoping to attract bids for around the 1-billion-dollar mark. The 325-unit condominium estate can be found within the upmarket suburb of Grange Road.
Home owners truly believe since the plot has great development potential and because of its size, not to mention its prime location, it will provide developers and buyers with an excellent opportunity.
It is likely to see bids from a variety of sources if similar development sites are anything to go on.
Spring Grove Condo Owners hope to achieve a sale worth in the region of almost one billion dollars. This brings the price per square footage to $1,807 which is actually higher than the average sq ft by almost four hundred dollars.
Since the site sits on a former US diplomatic site, the plot, once the 99-year lease expires will be turned back over to the US Government. Currently, there are 73 years left on the lease which may throw up a problem or two.
The Buyer or Developer who acquired this site will have to pay Spring Grove Owners and at the same time pay the US government to top up the lease.
Executive Director of the ZACD Group, Nicholas Mark, said there are great potential for these sites and there are lots of sales happening for en blocs but there will be challenges ahead for developers especially massive site.
Recently, a similar site, Tampines Court en bloc sold for S$970 million and there are high hopes for this site too.
A sales committee was established with nine individuals who had the task to bring together a team of the best estate agents and marketing experts to market the condominium as best as possible.
Currently, there is a real sales trend within the local area, and there’s a lot of interest being accumulated over Spring Grove. Developers are snapping up lots of development sites with opportunity and it spells great news for Spring Grove.
There’s a real need for excellent housing and since Spring Grove is nicely situated, with business and retail belts close by, it’s a developer dream.
With 553,377 sq ft with Spring Grove and 325 units, this large site commands ambition, whether developers wish to convert the site into bigger condos, add shops or just to hold a nice investors interest.
There is potential here and that is why there will be buyer interested in this site.
Location and Connectivity is very important for a residential development. Developers are looking for en bloc site that are close to one or more MRT stations.
knowing that once the site is redeveloped, it will be very easy for them to sell to gain profits from it. They also know that this important amenity is what investors and homeowners are looking for too.
Spring Grove Condo is bless with few MRT stations nearby such as Orchard Road and Somerset MRT Station. These 2 stations are short walking distance away from the condo.
There are also 2 upcoming stations will be built close to the condo name Boulevard and Great World MRT around 2021.
These will push up the condo property price even more thus the developer will gain huge profits.
Spring Grove is nicely located, certainly within walking distance of Orchard Road and the business and retail districts.
This makes the condominium ideal for families and couples alike, especially since there are several schools located near the Spring Grove condominium.
The River Valley Primary School and Zhangde are 1.04 and 1.6km away which is very useful for many potential residences of the Spring Grove district 10 condominium.
Other schools include Gan Eng School, Raffles Girls’ School and Crescent Girls School. Currently there is the international school Manasseh Meyer and Overseas Family School which are very close from the condominium.
Beside good schools around, there are several restaurants and outlets to visit. Great World City and Tanglin Mall are short drives away, making its location perfectly placed.
The potential for a sale to happen is there and with a potential for success, it is likely there will be a sale within the upcoming months.
In 2014, owners tried and failed to sell the Spring Grove condominium estate for an astonishing $1.39 billion dollars.
The real estate market at the time, may have contributed to the failure. Now, there is a billion-dollar price tag and owners are truly confident a deal can be made, especially with a en bloc sales fever for larger properties with development potential such as Spring Grove.
After the previous failed attempt to sell the property, the owners have a greater knowledge and understanding of buyers and their desires and can absolutely use that to their advantage in completing a sale.
Mr. Loh, who has been with the condo estate since 2010, said he wasn’t sure how much the condominium would sell for but he believed the scale of the project would bring in a deal worth to at least one billion if not more.
Being close to the retail and business districts put the site as a buyer’s dream.