Centaline Singapore has today announced the launch for collective sale by tender of D’Grove Villas, a freehold high-rise residential redevelopment site strategically located within Singapore’s prime District 10 in the upscale Ardmore precinct.
Located at 8A Orange Grove road, D’Grove Villas is a rare and exclusive 24-year-old development with an estimated site area of 50,400 sq ft. The development is 21-storey high with a total of 45 units. According to the Urban Redevelopment Authority’s Masterplan 2014, the site is zoned “Residential” with a gross plot ratio of 2.8. The permissible gross floor area including balconies upon redevelopment is 141,120 sq ft, which is subject to approval. The site has an allowable building height of 36-storey for future redevelopment.
D’Grove Villas is adjacent to Orchard Road shopping belt, close to Shangri-La hotel, high-end private clubhouses and several premium serviced apartments are also nearby. “This site has a verdant landscape of the Singapore Botanic Gardens and Singapore’s bustling city skyline. With the unique location and rarity, it will definitely attract both local and overseas developers,” added Centaline Singapore.
This is the first collective sale project in Singapore marketed by Centaline Singapore. Its parent company Centaline Property Group is one of Hong Kong’s largest property agencies in the region, with over 60,000 employees and 2,600 offices across China, Hong Kong, Singapore and Macau.
Centaline Singapore KEO Mr. Ronnie Khoo said: “We have been actively expanding our agency business in Singapore for several years, providing agency service to home owners, developers as well as overseas buyers. With our experience, we look forward to act as a bridge to overseas developers for investment opportunities in Singapore.”
Centaline Singapore also noted, “Though the new property cooling measures were announced last year, private luxury developments are still in demand among overseas investors due to the limited supply of land in prime locations. Compared to other world-class cities like Hong Kong, London and New York, the price still remains attractive for luxury developments in Singapore.”
Singapore’s economy has always been stable, which makes it more attractive for overseas developers and investors looking into a long-term investment here. D’Grove Villas is an excellent and rare opportunity for developers looking to build a residential development with a distinguished address yet enjoying the lush tranquillity and quiet surrounding. Given its positive site attributes, it will definitely gain strong interest from local and overseas developers.
The tender of D’Grove Villas will close on May 23 at 3 pm.