Two freehold residential sites up for grabs

Two freehold redevelopment sites – Asia Gardens and Jade Towers – have been put up for collective sale by tender.

The two sites are located in districts 2 and 19 respectively.

The collective sale of Asia Gardens has an indicative price of between S$302.6 million to S$307.7 million, or about S$1,500 to S$1,525 per square foot (psf) per plot ratio (ppr).

No development charge is payable for this site.

Meanwhile, Jade Towers is expected to fetch between S$108.8 million to S$110.8 million, or S$826 to S$841 psf ppr.

Asia Gardens, an 84-unit condominium development, is the last available freehold residential plot in the Spottiswoode enclave of district 2.

Located along Lew Lian Vale, off Upper Serangoon Road in District 19, Jade Towers comprises two 10-storey blocks with a total of 72 apartments of about 1,453 sq ft each.

According to its marketing agent Savills Singapore, the site can be redeveloped into 101 new condominium units averaging 1,200 sq ft each if the plot utilises a near rectangular configuration.

This is also the first time that both developments have achieved the relevant 80 per cent majority mandate to proceed with the collective sales exercise.

The tender for Jade Towers and Asia Garden will close at 3pm on 16 February 2012 and 29 February 2012 respectively.

Source : Channel NewsAsia – 9 Jan 2012

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