Nassim Gardens to be sold en bloc
DEVELOPERS or even large families and groups of friends are being offered a rare chance to buy into an area touted as Singapore’s most prestigious.
The Nassim Road apartment block, currently being redeveloped, is expected to sell for more than $30 million. It is being sold in one go, not as separate units.
Nassim Gardens, a three-storey block comprising 10 apartments with a swimming pool, is being put up for tender by a private investor.
Property consultant Credo Real Estate has been appointed to market the site. ‘Nassim Road is easily the most coveted residential address in Singapore,’ said Mr Karamjit Singh, executive director of Credo Real Estate.
‘Anyone in the society’s super league would know it, which is why in our press advertisements, we do not bother showing its location map!’ he quipped.
The block is made up of two- and three-bedroom apartments with sizes ranging from 125 sq m to 182 sq m.
The property along Nassim Road has a total land area of about 45,000 sq ft, and is expected to sell for over $30 million, which works out to $666 to $711 per sq ft (psf).
In August 2003, a bungalow plot at Nassim Road was sold for as high as $647 psf.
The current owner left the refurbishment work on the apartments incomplete about a year ago, but has now decided to sell it as market sentiment is picking up, said Mr Singh.
As the apartment block is located in a Good Class Bungalow (GCB) neighbourhood, the buyer can either refurbish the block or redevelop the site by building GCBs.
If the buyer chooses to complete the refurbishment work, the cost would be $2 million to $3 million and the total strata area would be about 19,000 sq ft, said Mr Singh.
‘On this basis, even a developer would find this project a very lucrative proposition, given that the high-end residential market is expected to surpass past record levels,’ he said.
After the apartments are refurbished, the new owners may be able to sell them for between $2,100 and $2,200 psf, he added.
Indeed, the sale is expected to better the performance of recent successful tenders for prime redevelopment sites at Eng Lok Mansion at Napier Road and Angullia Mansion at Angullia Park. Angullia Mansion, for instance, was sold last month to Far East Organization, for about $1,060 psf per plot ratio including the development charge.
Mr Singh expects interested buyers to be foreigners or large families and individuals who may team up to bid for the whole block.
The tender for Nassim Gardens closes at 3pm on April 28.
Source : Straits Times - 20 Mar 2006
Loading ...
Post a Comment
Tell me a bit about yourself; who you are, where you're from, what information you would like to see on this site. As I continue to provide you with Singapore property happenings, your feedback will encourage me to post more frequently. Thank you.