Charming Garden condo up for collective sale at S$175m

Dec 05, 2022



CHARMING Garden condominium in District 10 has been launched for collective sale at a guide price of S$175 million, sole marketing agent Colliers announced on Monday (Dec 5). 

The price tag translates to a land rate of about S$2,096 per square foot (psf) per plot ratio or S$2,074 psf on land area, Colliers said in a press statement.

Situated at 138 and 140 King’s Road, the four-storey development comprises 32 apartment units with a 999-year tenure. It also sits on an elevated site spanning 84,357 square feet (sq ft) next to a Good Class Bungalow housing estate.

Colliers said the owners stand to gain between S$5 million to S$6.8 million each, depending on the size of their unit. Units in the future redevelopment are likely to fetch around S$3,200 psf, it added.

Under the Urban Redevelopment Authority’s Master Plan 2019, the residential development site is located within an area safeguarded for two-storey semi-detached housing. 

New developments may not exceed its existing gross floor area (GFA) spanning some 83,490 sq ft. There is no bonus GFA and land betterment charge – or development charge – payable to the intensification of the site, added Colliers. 

Tang Wei Leng, Collier’s managing director and head of capital markets and investment services, noted that a key attribute of the site is its vicinity to Nanyang Primary School, being less than a kilometre away. 

Other nearby schools range from Raffles Girls’ Primary School and Hwa Chong Institution. Amenities in the site’s vicinity also 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. 

“We believe the strong attributes of this site would appeal to both developers and ultra-high-net-worth individuals,” said Tang. 

The sale tender for Charming Garden will close on Jan 17, 2023, at 3 pm.

https://www.businesstimes.com.sg/pro...ive-sale-s175m