Asia Gardens, located in Everton Road in the Spottiswoode enclave, has been sold en bloc for $343 million to a consortium led by developer Sustained Land.
The other partners are builder-cum-developer Ho Lee Group and an investment holding company fully owned by Mr Loi Pok Yen, logistics company CWT’s group chief executive.
Owners of the 23-storey freehold development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between $3.476 million and $7.73 million per unit.
The sale price reflects a land rate of $1,722 per sq ft per plot ratio (psf ppr).
Due to the high development baseline, there is no development charge payable, which translates to $1,565 psf ppr including the 10 per cent bonus balcony area.
The development, which was completed in the late 1980s, has a land area of approximately 72,059 sq ft and a gross plot ratio of 2.8.
It can potentially be redeveloped into a 36-storey residential condominium project with approximately 264 apartment units, subject to the authorities’ approvals.
Its asking price when the tender was launched in March was $338 million.
“Asia Gardens represents probably the last freehold residential redevelopment site in the precinct,” said Edmund Tie & Company’s senior director of investment advisory Swee Shou Fern.
“It is ideally oriented with north-south facing, and units in the new development will be able to enjoy unobstructed panoramic views of the city skyline and sea beyond the Tanjong Pagar port area.”
Sustained Land’s director Douglas Ong told The Straits Times it had fully sold its projects with over 1,000 units in total, namely, Sturdee Residences near Farrer Park MRT station, TRE Residences in Geylang (jointly with MCC Land), and Poiz Residences in Potong Pasir, and has been seeking to replenish its land bank.
It led a consortium that acquired Parkway Mansion along Amber Road in a collective sale deal for $146.99 million in December last year. It also bought The Albracca in Meyer Road in a $69.1 million collective sale in July last year.
Ho Lee Group, incorporated in 1996, has developed residential and commercial projects such as the built-to-order Mauser Factory in Tuas, as well as The Watercolour and Heron Bay executive condominiums.
It is also involved in general building construction and specialised metal works, among other construction-related work.
The deal for Mr Loi is being done in his personal capacity. It is the first local deal and his largest so far under his Penjuru Capital, which has also invested abroad in properties in Britain and Japan, he told The Straits Times.
Edmund Tie & Company is also handling the collective sale of Peak Court in Thomson Road and Casa Meyfort in Meyer Road, with their tenders closing on May 9 and May 21 respectively.