Asia Gardens up for sale by tender. (credit: ET&Co)
Freehold condominium Asia Gardens has been put up for sale by tender at an asking price of $338 million ($1,675 psf per plot ratio). According to marketing agent Edmund Tie & Company (ET&Co), this translates to $1,523 psf on the maximum potential gross floor area (GFA), including the 10% bonus balcony area.
Located in the Spottiswoode enclave, the development has a land area of approximately 72,059 sq ft, and is zoned for residential use with a gross plot ratio of 2.8 in the 2014 Master Plan. It was completed in the late 1980s and consists of 80 apartments and 4 penthouses. Asia Gardens has a high development baseline, hence no development charge is payable, says ET&Co.
Subject to the relevant authorities’ approvals, the site can be redeveloped into a project with a maximum height of 36 storeys and about 267 units, assuming an average apartment size of 70 sq m.
The tender exercise will close on April 16.
Related Articles From EdgeProp.sg
Millionaires’ shopping list
Domino effect of en bloc sales
Freehold Goodluck Garden sold to Qingjian Realty for $610 mil
Eunos Mansion sold to Fragrance Group for $220 mil