Asia Gardens sold en bloc to Sustained Land-led consortium for $343 million

By
/ EdgeProp Singapore
|
April 17, 2018 10:10 PM SGT
Asia Gardens, on Everton Road in District 2, has inked an en bloc deal of $343 million with a consortium led by Sustained Land.
The development, roughly 72,059 square feet, can potentially be redeveloped into a 36-storey condominium with about 264 apartment units, subject to authority approval.
The sale price reflects a land rate of $1,722 psf ppr, and owners are expected to receive gross sale proceeds ranging from $3.476 million to $7.73 million per unit, according to Edmund Tie & Co. (ET&Co) which brokered the sale.
ADVERTISEMENT
Asia Gardens was s $343 million (Credit: ET&Co)
There will be no additional development charge due to the high development baseline, says Swee Shou Fern, ET&Co senior director of investment advisory. The land rate therefore, stands at $1,565 psf ppr, including the 10% bonus balcony area. Currently, Asia Gardens comprises 23 storeys, with 80 apartment units and four penthouses.
The site is in a central location, close to the Central Business District and prime locations such as Marina Bay, Clarke Quay and Orchard Road.
Last July, Sustained Land purchased The Albracca in an en bloc deal for $69.119 million. Following that, in December, SL Capital (3) Pte Ltd, a Sustained Land-led consortium, purchased Parkway Mansion in a collective sale for $146.99 million.