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RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Asia Gardens sold en bloc at $343m

It was awarded to a Sustained Land-led consortium which includes Ho Lee Group and other partners.

The freehold Asia Gardens has been sold en bloc at $343m or $1,565 psf ppr, including the 10% bonus balcony, to a Sustained Land-led consortium including Ho Lee Group and other partners, Edmund Tie & Company (ET&Co) said. According to an announcement, owners are expected to receive gross sale proceeds of between $3.48m to $7.73m per unit.

Located along Everton Road, Asia Gardens has a land area of approximately 6,694.5 sqm or 72,059 sqft and can potentially be redeveloped into a 36-storey residential condominium project with approximately 264 apartment units, subject to authorities’ approvals. The property is a 23-storey development with 80 apartment units and four penthouses.

ET&Co noted that the CBD is just at the site's doorstep and popular areas such as Marina Bay, Clarke Quay, Orchard Road and Harbourfront are all within a short drive away. "A myriad of amenities and lifestyle options are also within walking distance at the nearby Everton Park, Tanjong Pagar and Bukit Pasoh precincts," it added.

ET&Co senior director of investment advisory Swee Shou Fern commented, “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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