Charming Garden up for collective sale at $175 mil
/ EdgeProp Singapore |
Charming Garden (Picture: Colliers)
SINGAPORE (EDGEPROP) - Charming Garden, a 999-year leasehold apartment at King’s Road, off Farrer Road in District 10, is launching for collective sale by way of a public tender, according to a Dec 5 press release by marketing agent Colliers. The development has a guide price of $175 million, which works out to $2,096 psf per plot ratio (psf ppr), or $2,074 psf on the land area.
Located at 138 and 140 King’s Road, Charming Garden was completed in the 1980s and comprises 32 units. The four-storey residential development sits on an 84,357 sq ft elevated site. Colliers says the site redevelopment will have a gross floor area (GFA) not exceeding the verified existing GFA of around 83,491 sq ft. The site is not eligible for the bonus GFA scheme, and no Land Betterment Charge is applicable.
Map and overview of Charming Garden (Source: EdgeProp LandLens)
Tang Wei Leng, Colliers’ managing director and head of capital markets and investment services in Singapore, believes that the site will appeal to both developers and ultra-high-net-worth individuals, given its 999-year leasehold tenure as well as its location in “one of Singapore’s most prestigious residential enclaves made up of largely landed housing”. This includes Good Class Bungalow areas like Victoria Park, Cornwall Gardens and Belmont Park.
The property is within 1km of Nanyang Primary School and is a five-minute walk to the Farrer Road MRT Station on the Circle Line. Nearby amenities include Empress Road Market and Food Centre and the Singapore Botanic Gardens.
Table showing summary of private non-landed residential developments surrounding Charming Garden (Source: EgdeProp Research tool)
The public tender for Charming Garden will close on January 17, 2023, at 3pm.
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