Charming Garden, a 999-year leasehold residential development located at District 10, has once again been relaunched for collective sale by public tender. Guide priced at $175 million, this 4-storey 32 unit property has an elevated 7,837 sqm (approximately 84,357 sq ft) site amid an enclave of low-rise landed housing and a 5-minute walk away from Farrer Road MRT Station.

Situated within a site designated for two-storey semi-detached housing under the 2019 Master Plan, Charming Garden is also close to amenities such as Empress Road Market, Food Centre and the Singapore Botanic Gardens. In addition, schools such as Raffles Girls’ Primary School, Hwa Chong Institution and more are all within the vicinity.

Subject to certain conditions, URA has advised that the redevelopment plan for the property may be changed back to the approved flats’ building form. With the gross floor area (GFA) not to exceed the verified existing GFA of 7,898.63 sq m (85,020 sq ft), as well as being ineligible for the bonus GFA scheme and no land betterment charge, the guide price of $175 million works out to be $2,058 per sq ft per plot ratio or $2,074 per sq ft on the land area.

Given the current limited supply of such freehold projects within prime districts, Colliers believes that the attributes of this site would appeal to developers and ultra-high-net-worth individuals.

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Tang Wei Leng, Managing Director and Head of Capital Markets and Investment Services, Singapore at Colliers, mentions that the recent successful en bloc sale of Holland Tower serves to illustrate the strong appeal of such plum residential development sites. With the upcoming unit launches of core central region (CCR) estimated to be around 22% of total upcoming launches this year, it proves the scarcity of these freehold projects in prime locations.

The public tender for the Charming Garden closes on April 14 at 12pm. With information of nearby properties and other transactional data available on EdgeProp’s Landlens tool, developers are bound to see the potential of this residential development.