Published April 10, 2007

TG Development buys Eden Spring


EDEN Spring in Balmoral Road has been sold for $51 million to TG Development, a boutique developer controlled by the family that runs Tong Garden Group. And Hoi Hup Realty has picked up Charlton Garden at Upper Serangoon Road for $19.8 million.

Sold: Eden Spring went for $51 million

DTZ Debenham Tie Leung brokered the collective sales of both freehold sites.

The $51 million price that TG is paying for Eden Spring reflects a unit land price of $1,004 per square foot of potential gross floor area including an estimated $3.7 million development charge. The 34,023 sq ft site is zoned for residential use with a 1.6 plot ratio - the ratio of potential maximum gross floor area to land area - and 12-storey maximum height under Master Plan 2003.

Charlton Garden in Upper Serangoon has a site area of 49,470 sq ft and is zoned for three-storey mixed-landed residential use with a 1.4 plot ratio.

Hoi Hup's price of $19.8 million works out to $315 psf per plot ratio including about $2 million in development charges.

The site can be redeveloped into a cluster housing project with 31 units. This will result in a land cost of about $700,000 per cluster home. Charlton Garden is now a four-storey walk-up development with 18 apartments. The site has a double frontage on to Charlton Lane and Upper Serangoon Road. The tender for Charlton Garden closed on Feb 8 and the deal with Hoi Hup was stitched up last month.

Eden Spring's tender closed on April 3.