New Reporter
22-06-23, 17:25
Charming Garden makes third and final bid at collective sale with same S$175 million guide price
Jun 21, 2023
CHARMING Garden in District 10 will be relaunched for collective sale for the final time on Thursday (Jun 22), with an unchanged guide price of S$175 million.
This is the condominium’s third en bloc attempt after it was put up for sale in December 2022 and March 2023 without securing a suitable buyer.
Located at 138 and 140 King’s Road in District 10, the four-storey development houses 32 apartment units with a 999-year tenure. It sits on an elevated site spanning 84,357 square feet (sq ft) beside a Good Class Bungalow housing estate.
Sole marketing agent Colliers said the owners stand to gain between S$5 million and S$6.8 million each, depending on the size of their unit.
Tang Wei Leng, Colliers’ managing director and head of capital markets and investment services, noted that following the close of the second tender, an extraordinary general meeting was called and a resolution to lower the reserve price of the condominium from S$175 million was passed.
She said: “We are in the process of getting the owners to sign the Supplemental Collective Sale Agreement for a lower reserve price.”
Charming Garden is located near Raffles Girls’ Primary School and Hwa Chong Institution. Amenities in the site’s vicinity include 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.
Under the Urban Redevelopment Authority’s (URA) Master Plan 2019, the residential development site is located within an area safeguarded for two-storey semi-detached housing.
Subject to conditions, URA has advised that the site may also be restored to the approved flats building, Colliers said.
Tang said: “Having the flexibility to develop either landed housing or apartments would provide greater appeal for the prospective buyer.”
She noted that the future developer can construct up to 112,710 sq ft of landed built-up area without incurring any land betterment charges.
In recent years, District 10’s only new landed residential launch was the 14-unit One Tree Hill Collection developed by Lum Chang Auriga and launched in 2018.
The collective market has gone quiet in the last year. A Knight Frank report in April indicated that only a third of collective sales have succeeded in the current 2021/2023 sales cycle, down from the 63 per cent success rate in the 2017/2018 boom cycle.
The most recent residential en bloc deal which went through involved the sale of Kew Lodge, a freehold landed residential site in District 11, to Woh Hup subsidiary Aurum Land for S$66.8 million.
The public tender for Charming Garden closes at 5 pm on Jul 10.
https://www.businesstimes.com.sg/property/charming-garden-makes-third-and-final-bid-collective-sale-same-s175-million-guide-price
Jun 21, 2023
CHARMING Garden in District 10 will be relaunched for collective sale for the final time on Thursday (Jun 22), with an unchanged guide price of S$175 million.
This is the condominium’s third en bloc attempt after it was put up for sale in December 2022 and March 2023 without securing a suitable buyer.
Located at 138 and 140 King’s Road in District 10, the four-storey development houses 32 apartment units with a 999-year tenure. It sits on an elevated site spanning 84,357 square feet (sq ft) beside a Good Class Bungalow housing estate.
Sole marketing agent Colliers said the owners stand to gain between S$5 million and S$6.8 million each, depending on the size of their unit.
Tang Wei Leng, Colliers’ managing director and head of capital markets and investment services, noted that following the close of the second tender, an extraordinary general meeting was called and a resolution to lower the reserve price of the condominium from S$175 million was passed.
She said: “We are in the process of getting the owners to sign the Supplemental Collective Sale Agreement for a lower reserve price.”
Charming Garden is located near Raffles Girls’ Primary School and Hwa Chong Institution. Amenities in the site’s vicinity include 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.
Under the Urban Redevelopment Authority’s (URA) Master Plan 2019, the residential development site is located within an area safeguarded for two-storey semi-detached housing.
Subject to conditions, URA has advised that the site may also be restored to the approved flats building, Colliers said.
Tang said: “Having the flexibility to develop either landed housing or apartments would provide greater appeal for the prospective buyer.”
She noted that the future developer can construct up to 112,710 sq ft of landed built-up area without incurring any land betterment charges.
In recent years, District 10’s only new landed residential launch was the 14-unit One Tree Hill Collection developed by Lum Chang Auriga and launched in 2018.
The collective market has gone quiet in the last year. A Knight Frank report in April indicated that only a third of collective sales have succeeded in the current 2021/2023 sales cycle, down from the 63 per cent success rate in the 2017/2018 boom cycle.
The most recent residential en bloc deal which went through involved the sale of Kew Lodge, a freehold landed residential site in District 11, to Woh Hup subsidiary Aurum Land for S$66.8 million.
The public tender for Charming Garden closes at 5 pm on Jul 10.
https://www.businesstimes.com.sg/property/charming-garden-makes-third-and-final-bid-collective-sale-same-s175-million-guide-price