The 7.6-acre residential land houses 226 apartments.
Freehold residential site Spanish Gardens located in District 10's Farrer Road has been put up for a collective sale at an asking price of $882m, or $1,721 psf ppr, its sole marketing agent Edmund Tie & Company (ET&Co) revealed.
According to an announcement, the developer can utilise URA’s scheme of 10% additional gross floor area (GFA) for balcony area and further pare down the land rate to $1,659 psf ppr with a further development charge of approximately $55m.
Built in the 1980s, Spanish Village comprises 226 apartments. "Sitting on sprawling grounds of 30,793.4 sqm or 331,457 sqft, the elevated site presents an opportunity to create a landmark development amidst a prestigious enclave," ET&Co said.
The site is near the 158-year-old Singapore Botanic Gardens and directly opposite the Empress Road Market & Food Centre. It is also near Holland Village, Chip Bee Gardens, and Dempsey Hill.
Under Master Plan 2014, the site is zoned for Residential use with a gross plot ratio (GPR) of 1.6. It is served by major roads and expressways such as Farrer Road, Holland Road, Pan Island Expressway (PIE), and Ayer Rajah Expressway (AYE).
It is a 10 minutes’ drive to the Orchard Road shopping belt and drone research hub one-north. The CBD is also a 15-minute drive away. Farrer Road MRT station is approximately 275 metres away.
The area is surrounded by renowned schools such as Nanyang Primary School, Raffles Girls’ Primary School, Nanyang Girls’ High School, The Chinese High School, Anglo-Chinese School (International), Hwa Chong Institution, and National Junior College.
Senior director of investment advisory Tan Chun Ming commented, “Spanish Village’s strategic location, huge freehold land size and elevated grounds gives the future development the potential to be a landmark, iconic project in prime District 10. With all the surrounding good schools and proximity to lifestyle options and CBD, the location holds great appeal for families with school-going children and expatriates alike. URA’s recent tender award of the Holland Village GLS site for a mixed-use and pedestrian-oriented development will also add to the vibrancy of the locale.”
The tender exercise for the site will close on 18 July 2018 at 10 a.m.
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