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4 Singapore residential sites hit en-bloc market

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4 Singapore residential sites hit en-bloc market

The Asia Gardens estate on Singapore's Everton Road is leading three other properties in the city-estate that have been placed on the market for collective sale, The (Singapore) Business Times reported.

With a S$338 million asking price, Asia Gardens has the highest amount among the four properties that were recently marked for en bloc sale, according to the report. The building contains 80 apartment units and four penthouses. Its land area spans roughly 72,059 square feet, with a 2.8 gross plot ratio. The site has the potential to be redeveloped into a 36-story condominium with 267 units, the report noted.

Park View Mansions near Jurong Lake is expected to fetch S$320 million, which translates to a per-square-foot price of S$1,183. The land plot has a 191,974-square-foot area and can deliver 403,145 square feet of gross floor area when redeveloped. Citing marketer Huttons Asia, the publication said the land rate includes a differential and lease upgrading premium payments of S$157 million "to intensify the land" and reset its lease for another 99 years.

27 Moulmein Rise near Novena was placed on the market along with an adjoining land plot for a combined price of S$110 million. The paper noted that the two sites, which are owned by 27MR Pte. Ltd., measure 22,198 square feet and can yield up to 87 units when redeveloped.

Meanwhile, the 18 owners of Katong Omega Apartments at District 15's East Coast Road agreed to put the building on the block, with marketer Teakhwa Real Estate expecting the property to change hands for S$41 million, according to the March 8 report. The estate stands on a 27,902.4 square-foot land with a plot ratio of 1.4.

As of March 8, US$1 was equivalent to S$1.32.