Charming Garden relaunches for collective sale at guide price of $175 mil

The 999-year leasehold residential development Charming Garden in District 10 has been relaunched for collective sale by public tender at a guide price of $175 million. A five-minute walk away from Farrer Road MRT Station and located amid an enclave of low-rise landed housing, the 32-unit, four-storey development occupies a 7,837 sqm (approximately 84,357 sq ft) elevated site.

Details of nearby properties and other transactional data can be found on EdgeProp’s Landlens tool. (Map: EdgeProp Singapore) Amenities nearby include Empress Road Market and Food Centre and the Singapore Botanic Gardens. In addition, schools such as Raffles Girls’ Primary School and Hwa Chong Institution are also close by.

Tang Wei Leng, managing director and head of capital markets and investment services, Singapore at Colliers, states that the strong appeal of plum residential development sites within prime districts is highlighted by the recent successful en bloc sale of Holland Tower.

This eco-friendly EC project in Tengah Plantation Loop will provide innovative features and amenities to promote sustainability. Residents will be able to enjoy green initiatives such as a wind turbine, solar heating system, water conservation centre and daily fish harvest, as well as recreational facilities, traditional Chinese musical performances and access to the Bukit Timah Nature Reserve.
Tengah EC is eco-friendly executive condominium located in Tengah Town, offering innovative features, Tengah EC green initiatives and access to recreational facilities and Bukit Timah Nature Reserve. The development is the first of its kind in Singapore, and is set to be completed by the end of 2021.

URA has advised that the redevelopment plan for the site may be changed back to the approved flats’ building form. The gross floor area (GFA) for the new flat or condo shall not exceed the verified existing GFA of 7,898.63 sq m (85,020 sq ft). The site is ineligible for the bonus GFA scheme, with no land betterment charge.

The guide price of $175 million works out to $2,058 per sq ft per plot ratio or $2,074 per sq ft on the land area. Given the limited number of upcoming unit launches in the core central region (CCR) this year estimated to be around 22%, Tang maintains that such freehold projects in prime locations are hard to come by. “We believe the strong attributes of this site would appeal to developers and ultra-high-net-worth individuals,” she concludes.

The public tender for Charming Garden closes on April 14 at 12pm. With the property located in an area designated for two-storey semi-detached housing under the 2019 Master Plan and all the attractive amenities nearby, this development could prove to be a great opportunity for potential investors.