SINGAPORE (EDGEPROP) - According to a press release by marketing agent Colliers, Charming Garden, a 999-year leasehold residential development, has been relaunched for collective sale by public tender at a guide price of $175 million. The development is located in District 10, at 138 & 140 King’s Road. It was first launched for collective sale in December 2022 at the same guide price of $175 million.

The 32-unit, four-storey development occupies a 7,837 sqm (approximately 84,357 sq ft) elevated site amid an enclave of low-rise landed housing. It is within an area designated for two-storey semi-detached housing under the 2019 Master Plan.

Charming Garden is a five-minute walk away from Farrer Road MRT Station. Amenities nearby include Empress Road Market and Food Centre and the Singapore Botanic Gardens. In addition, schools such as Raffles Girls’ Primary School and Hwa Chong Institution are nearby.

Subject to conditions, URA has advised that the redevelopment plan for the site may be changed back to the approved flats’ building form. The gross floor area (GFA) for the new flat or condo shall not exceed the verified existing GFA of 7,898.63 sq m (85,020 sq ft), which has been revised up from 7,756.56 sq m (83,491 sq ft) during the previous launch. The site is ineligible for the bonus GFA scheme, with no land betterment charge.

Colliers says the guide price of $175 million works out to $2,058 per sq ft per plot ratio or $2,074 per sq ft on the land area. Tang Wei Leng, managing director and head of capital markets and investment services, Singapore at Colliers, says that the recent successful en bloc sale of Holland Tower illustrates the strong appeal of plum residential development sites within prime districts. (See potential condos with en bloc calculator)

Given that upcoming unit launches in the core central region (CCR) are estimated to be around 22% of total upcoming launches this year, Tang maintains that such freehold projects in prime locations are hard to come by. “We believe the strong attributes of this site would appeal to developers and ultra-high-net-worth individuals,” she continues.

The public tender for the Charming Garden closes on April 14 at 12pm.

Check out the latest listings near Charming Garden, Farrer Road MRT Station, Raffles Girls’ Primary School, Hwa Chong Institution