Spring Grove could be largest en bloc sale in Singapore

Spring Grove, a condominium along Grange Road, has been put up for sale by tender. According to its marketing agent Knight Frank Singapore, the owners are expecting offers in excess of S$1.39 billion. This includes a lease top-up premium for a fresh 103-year lease.

That will make it the the largest ever enbloc sale in Singapore, in terms of value. Spring Grove sits on a site with a land area of about 263,600 square feet (sq ft).

Knight Frank says it is the largest residential plot along Grange Road to be put up for sale. Currently, there are three blocks of 20-storey apartments with 325 residential units on the site. It also includes the conserved Spring Grove House, built in the late 19th century, which has been integrated with the existing development as a clubhouse.

A price of S$1.39 billion translates to S$2,512 per square foot per plot ratio, based on the maximum permissible gross floor area of about 553,377 sq ft. Knight Frank says, the breakeven cost is expected to be around S$3,400 psf to S$3,500 psf.

Source : Channel NewsAsia – 16 Jul 2014

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