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Singapore estate retains S$480M price tag for 2nd crack at en bloc sale

Owners of the Cavenagh Gardens on Singapore's Orchard Road are placing the building again on the en bloc market, retaining the original reserve price of S$480 million for the property when it was first placed on the block in May 2018, The (Singapore) Business Times reported.

The price translates to a S$1,695-per-square-foot-per-plot-ratio land rate and includes an approximately S$18.4 million state land premium for the acquisition of about 11,800 square feet of state land after considering the bonus gross floor area of 10%, the report added.

According to marketing agent JLL, the site can yield 400 apartment units if redeveloped, with each unit spanning roughly 740 square feet. JLL added that the Singapore Land Authority will likely allow a developer to amalgamate the state land with the site as the government previously gave its approval for such a move in February 2018 and also because of the state land's location between the subject site and the Central Expressway.

Cavenagh Gardens features 172 apartment units in three blocks, encompassing 128,255 square feet of space. The tender for the property is scheduled to close Jan. 31 at 3 p.m., the publication noted.

As of Jan. 2, US$1 was equivalent to S$1.36.