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A Successful En-Bloc in Asia Gardens

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Sustained Land Consortium

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Asia Gardens, a freehold development, located at Everton Road, Spottiswoode Park, was sold to Sustained Land under the collective sales at Asia Garens, in the 2nd quarter 2018. 


Asia Gardens, has been sold for S$343 million in a collective sale to a Sustained Land-led consortium. The sale price reflects a land rate of S$1,722 per square foot per plot ratio (psf ppr). There is no development charge payable, and the land rate translates to S$1,565 psf ppr including the 10 per cent bonus balcony area.


New Condo Launch at site of Asia Gardens- Connectivity
The nearest train station is Outram Park Interchange where the North East Line, East West Line and the upcoming Thomson East-Coast Line are available. Future residents of New Condo at Asia Gardens will find it a breeze to commute with these complete train services.

With its convenient location in the Central Region, future residents of New Condo in Asia Gardens will take drivers 6 minutes to reach Orchard Shopping District and 8 minutes to Central Business District (CBD), City Centre and Marina Bay. Drivers can easily link to Ayer Rajah Expressway (AYE) which connects to Marina Coastal Expressway (MCE).

Future residents of New Condo at Asia Gardens 
can also find convenience using Central Expressway (CTE) via Outram Road and these allows easy connectivity to various parts of Singapore. Southern Waterfront District Vivocity, Harbourfront, Universal Studio, Resort World and Sentosa.

New Condo Launch at site of Asia Gardens- Amenities
There are more than 10 shopping malls nearby New Condo at Asia Gardens. Options are plenty when it comes to dining. Residents can choose to indulge in the bistros located along Tanjong Pagar Road, Amoy Street and all the way till Mosque Street. For residents who prefers local food, there are food centres that are located within short distance from which are Tanjong Pagar Market & Food Centre, Chinatown Complex, Maxwell Food Centre, People’s Park Complex Food Centre, Amoy Street Food Centre, Tiong Bahru Market & Food Centre, Hong Lim Market & Food Centre and Lau Pa Sat.


New Condo Launch at site of Asia Gardens- Education


There is strong rental demand from tenants working the CBD, Orchard, MBFC and Pasir Panjang area especially in and near Tanjong Pagar area. Rental yield can be expect to increase as well. Value in or near CBD area is always on the rise and with the upcoming Waterfront City, this will most probably have a high impact on New Condo at Pearl Bank return. In addition, Outram precinct will also be transformed into a healthcare, wellness and research hub – Singapore General Hospital Campus through a 20-year redevelopment plan by healthcare group SingHealth. With Singapore’s largest healthcare hub in Outram, there will be strong demand from medical research and education professionals.

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SINGAPORE - Asia Gardens, in Everton Road near Spottiswoode Park, has been sold for S$343 million in a collective sale to a Sustained Land-led consortium that includes Ho Lee Group and other partners.

The development in District 2 sold for higher than its asking price of S$338 million when the tender was launched in March.

Owners at the 23-storey development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between S$3.476 million and S$7.73 million per unit.

The sale price reflects a land rate of S$1,722 per square foot per plot ratio (psf ppr). Due to the high development baseline, there is no development charge payable, which translates to S$1,565 psf ppr, including the 10 per cent bonus balcony area.

The development has a land area of 72,059 sq ft and a gross plot ratio of 2.8. It was completed in the late 1980s and is located in Everton Road in the Spottiswoode enclave.

The site is close to the Central Business District and a short drive from Marina Bay, Clarke Quay, Orchard Road and HarbourFront, said marketing agent Edmund Tie & Company in a media release on Tuesday (April 17).

It can potentially be redeveloped into a 36-storey residential condominium project with about 264 apartment units, subject to the authorities' approvals.

Edmund Tie & Company's senior director of investment advisory Swee Shou Fern said: "Asia Gardens represents probably the last freehold residential redevelopment site in the precinct. 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."


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