http://www.businesstimes.com.sg/arch...et-lower-price

Published July 10, 2012

Asia Gardens back on market at lower price

Everton Rd freehold condo dips price to $273-300m from $302-308m in Jan

By Felda Chay


FREEHOLD condominium development Asia Gardens is up for sale again, and owners are setting their sights a little lower by asking for between $273.2 million and $300.3 million, compared with the $302.6 million to $307.7 million they wanted in January.

The property, located at Everton Road, has an allowable gross floor area of 201,765 square feet based on a plot ratio of 2.8, which works out to a cost of about $1,354 to $1,488 per square foot per plot ratio (psf ppr). The previous indicative price works out to $1,500 to $1,525 psf ppr.

A nearby development, Dragon Mansion, at 14 Spottiswoode Park Road, was sold for $1,202 psf ppr in November last year.

The 84-unit Asia Gardens, zoned for residential use, lies within an area which is undergoing major rejuvenation, with the proposed transformation of the former Tanjong Pagar KTM Station, Tanjong Pagar Container Terminal and the redevelopment of several high-rise apartments.

Savills Singapore, which is handling the sale, said that no development charge is payable for the site.

Said Suzie Mok, senior director of investment sales at Savills: "It (Asia Gardens) enjoys a wide prominent frontage along Everton Road and is conveniently served by the MRT network and expressways.

"The Outram Park MRT interchange linking both the East-West and North-East lines is few minutes walk from the site, while the Circle Line at Harbourfront MRT Station is just one station away. The site also offers panoramic views of the city skyline, greenery and harbour."

She added that the site is "probably the last remaining freehold residential plot in the CBD precinct".

The plot is also located within the upcoming Spottiswoode residential cluster, which Ms Mok said "has proven to be a much sought-after inner-city residential hotspot as evidenced by the good take-up rates" for developments, such as Spottiswoode 18 and Spottiswoode Residences.

The tender for Asia Gardens will close at 3pm on July 31.