Charming Garden to try for en bloc sale again at unchanged S$175 million guide price

Mar 30, 2023

CHARMING Garden condominium will be put up for collective sale again via public tender on Friday (Mar 31), with an unchanged guide price of S$175 million, said sole marketing agent Colliers on Thursday.

The 999-year leasehold project was first put up for collective sale at the same price in December 2022.

Located at 138 and 140 King’s Road in District 10, the four-storey development houses 32 apartment units. It sits on an elevated site spanning 84,357 square feet (sq ft) beside a Good Class Bungalow housing estate.

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

The site may be redeveloped back to the approved flats’ building form, subject to conditions and as advised by URA. New developments may not exceed the revised and verified existing gross floor area (GFA) of some 85,020 sq ft, up from the GFA of some 83,490 sq ft during the previous launch.

The price translates to a land rate of about S$2,058 per square foot (psf) per plot ratio or S$2,074 psf on land area, said Colliers.

The site is also not eligible for the bonus GFA scheme and has no land betterment charge, Colliers added.

Tang Wei Leng, Collier’s managing director and head of capital markets and investment services, highlighted that the recent sale of Holland Tower – which is in the same locality – indicates the strong appeal of residential development sites in prime districts.

As units launching in the Core Central Region only make up an estimated 22 per cent of upcoming launches in 2023, Tang said freehold projects in prime locations and near reputable schools are hard to come by.

Tang also noted that a key attribute of the site is its proximity to Nanyang Primary School, which is less than a kilometre away.

Other schools in the vicinity include Raffles Girls’ Primary School and Hwa Chong Institution. The site is a five-minute walk to Farrer Road MRT station and is near 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,” added Tang.

The sale tender for Charming Garden will close on Apr 14 at 12 pm.

https://www.businesstimes.com.sg/pro...on-guide-price