Asia Gardens up for collective sale at $338 million

Asia Gardens up for sale by tender. (credit: ET&Co)
Freehold condominium Asia Gardens has been put up for sale by tender at an asking price of $338 million ($1,675 psf per plot ratio). According to marketing agent Edmund Tie & Company (ET&Co), this translates to $1,523 psf on the maximum potential gross floor area (GFA), including the 10% bonus balcony area.
Located in the Spottiswoode enclave, the development has a land area of approximately 72,059 sq ft, and is zoned for residential use with a gross plot ratio of 2.8 in the 2014 Master Plan. It was completed in the late 1980s and consists of 80 apartments and 4 penthouses. Asia Gardens has a high development baseline, hence no development charge is payable, says ET&Co.
Subject to the relevant authorities’ approvals, the site can be redeveloped into a project with a maximum height of 36 storeys and about 267 units, assuming an average apartment size of 70 sq m.
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The tender exercise will close on April 16.