The Spring Grove condominium on Grange Road is set to go on collective sale after the majority of homeowners gave the green light for the deal, media reports said.

Located in one of Singapore’s most affluent and highly sought-after neighbourhoods, Spring Grove enjoys close proximity to the vibrant Orchard Road shopping district, Singapore’s renowned retail and entertainment hub. Its immediate locality is predominantly upscale residential in nature, comprising landed housing and high-rise residential developments.

The site is a short drive away from established Local and International schools, namely ISS International School, Overseas Family School, Norwegian Supplementary School, Finnish Supplementary School and Raffles Girls’ School. Esteemed medical institutions, including Mount Elizabeth Hospital, Gleneagles Hospital and Camden Medical Centre, are also a stone’s throw away. The site is also in the vicinity of embassies such as the Embassy of the People’s Republic of China, British High Commission and many 5-star hotels, including Four Seasons Hotel and The St. Regis.

The site has an extensive land area of 24,481.2 sq m (approx. 263,513 sq ft or 6.2 acres). It currently comprises 3 blocks of 20-storey apartments with 325 residential units and the conserved Spring Grove House. Under the Master Plan 2014, the site is designated as “Residential” with a Gross Plot Ratio (GPR) of 2.1. At GPR 2.1, it can be redeveloped up to a maximum permissible Gross Floor Area (GFA) of approximately 553,377 sq ft. 

“Being the largest residential plot along Grange Road, the site offers an exceptional redevelopment opportunity for developers to design, plan and build an iconic residential development that could surpass all others, hence cementing their presence in one of Asia's most desired residential estates,” says Mr Ian Loh, Director & Head, Investment and Capital Markets. “It is also one of the few residential plots remaining in the Orchard area to be made available for redevelopment into a large-scale luxury condominium.”

Located within the site is the conserved Spring Grove House, which was built in the late 19th century. Previously an Ambassadorial residence, the Neo-Classical Victorian styled bungalow was also the former residence of several renowned businessmen in Singapore. It is currently integrated within the existing development as a clubhouse.

“You are not just buying a piece of prime land, but also the beautiful history behind Spring Grove House. The conserved bungalow has a historical link with Singapore’s early pioneers,” says Mr Ian Loh.

The owners of Spring Grove are expecting offers in excess of S$1.39 billion, which is inclusive of the lease top-up premium for a fresh 103-year lease. This translates to a land price of approximately S$2,512 psf ppr based on the maximum permissible GFA of approximately 553,377 sq ft. 

“Breakeven cost is expected to be around S$3,400 psf to S$3,500 psf. Luxury apartments in the new development could be sold for between S$3,800 psf and S$4,200 psf if it is launched for sale within the next few years. Residential units at the nearby freehold TwentyOne Angullia Park have registered sale prices of between S$4,704 and S$5,560 psf since 2013, whilst units at the nearby The Orchard Residences, a 99-year leasehold development, have been transacted at S$3,417 to S$4,312 psf over the same period,” says Mr Loh. “If the site is successfully transacted, it will be the largest ever enbloc sale in Singapore.”
 
As Spring Grove is located within the Central Area, the proposed new development is not affected by the maximum allowable number of units for non-landed residential developments. The Urban Redevelopment Authority (URA) guidelines set minimum average sizes of 70 sq m or 100 sq m for new dwelling units in non-landed residential developments located outside the central area.

According to the latest data from Urban Redevelopment Authority, the upcoming supply of residential units in Core Central Region (CCR) is expected to taper, as there are limited new upcoming projects in the prime location. The number of upcoming units in the region is expected to fall by about 19.8 per cent y-o-y from 4,565 units in 2014 to 3,660 units in 2015.

“If the market continues to slow down over the next few quarters, we believe the Singapore Government may review and tweak some of the current property cooling measures in place to meet the needs of buyers,” says Mr Loh. “We expect Singapore’s real estate market to see sustained demand from foreign homebuyers and investors due to its strong economic fundamental and attractiveness as a safe haven and a liveable city. Spring Grove is located in the very heart of the CCR where there is a limited supply of land, which will bond well for the buyer to build the next award winning iconic development in Singapore.”

New condo at Grange Road at En Bloc site of Spring Grove- Connectivity
New and upcoming condo is approximately 900 m away from Orchard North South Line Station. It is just 4 stations away from Raffles Place. Future residents of New Condo at site of Spring Grove can transit to the Circle Line and the North East Line at Dhoby Ghaut MRT Interchange Station which is 3 stations away. The Orchard Boulevard Train Station which serves the Thomson Line will go into full operation in 2021. This train station is located at Camden Medical Centre which is just 600 m away from New Condo at site Spring Grove. By then, the complete MRT network system will allow New condo at Spring Grove future residents to travel to various parts of the island at ease.  It takes just a 5 minutes’ drive to get from New Condo at site Spring Grove to the downtown financial district. New Condo is also well linked to the Central Expressway (CTE) which brings drivers to other major expressways.

New Condo at Grange at En Bloc site of Spring Grove- Education
New and upcoming condo at site of Spring Grove is close to schools such as River Valley Primary School, Zhangde Primary School, Gan Eng Seng Primary School, Gan Eng Seng Secondary School, Crescent Girls’ Secondary School, Queenstown Secondary School, Henderson Secondary School, Raffles Girls’ Secondary School and Outram Secondary School. Undergraduate and postgraduate degree programmes providers close to new condo at Spring Grove are The University of Chicago Booth School of Business and Singapore Management University. There are also a number of international schools that are within walking distances such as  Overseas Family School, International School Singapore, Norwegian Supplementary School and Finnish Supplementary School.

New Condo at Grange Road at En Boc site of Spring Grove- Amenities
In terms of retail therapies, a stroll will take future residents of Spring Grove to the Prime Orchard Shopping District, where all the main retails and shopping centres are located. There are also many bistros and restaurants host at Orchard Road. Some of the shopping malls within short radius are Valley Point, Great World City, Tanglin Mall, Wheelock Place, ION Orchard, Wisma Atria, Tanglin Shopping Centre, Shaw House, Forum The Shopping Mall, Tang Plaza and Lucky Plaza. In terms of local delights, there are 8 main food centres to choose from i.e. Zion Riverside Food Centre, Beo Crescent Block 38A Market and Food Centre, Havelock Road Block 22A Food Centre, Redhill Lane Block 85 Food Centre, Bukit Merah View Block 115 Market And Food Centre, Tiong Bahru Market, Kukoh 21 Food Centre and Bukit Merah Central Block 163 Food Centre.

There are also prestigious clubs located near New Condo at site of Spring Grove such as The American Club, The Pines Club and Tanglin Club. New Condo at site Spring Grove future residents can take a stroll, jog or simply just enjoy a moment of peace while enjoying the greenery at the nearby Singapore Botanic Gardens. For those who like golf, the Tanglin Golf Course is just a short drive away from New condo at Spring Grove.

We expect Singapore’s real estate market to see sustained demand from foreign homebuyers and investors due to its strong economic fundamental and attractiveness as a safe haven and a liveable city. Spring Grove is located in the very heart of the CCR where there is a limited supply of land, which will bond well for the buyer to build the next award winning iconic development in Singapore.