SINGAPORE - Cavenagh Gardens is the latest development in Singapore hoping for another chance at a sale en bloc in 2019, and owners are not budging from their first attempt's reserve price of $480 million.
That translates to a land rate of $1,695 per sq ft per plot ratio (psf ppr) inclusive of an estimated state land premium of $18.4 million to purchase about 11,800 sq ft of state land, or $1,541 psf ppr after factoring in the 10 per cent bonus gross floor area (GFA).
No development charge is payable for the site, even after including the additional 10 per cent bonus GFA.
Marketing agent JLL said in-principle approval was granted by the Singapore Land Authority for amalgamating the state land with the subject site on Feb 28, 2018. Though this has expired, JLL says a developer is very likely to get approval as it is located between the site and the CTE (Central Expressway).
The project comprises three blocks of 172 apartments, spanning 128,255 sq ft with a gross plot ratio of 2.1.
JLL said the site can be redeveloped to yield 400 apartment units with an estimated average size of about 740 sq ft each. The site has a height control of 24m above mean sea level.
As it is located within the central area, revised URA planning guidelines on the maximum size of developments outside the central area do not apply.
The project is 600m away from The Centrepoint and 800m away from Plaza Singapura. Anglo-Chinese School (Junior) and St Margaret's Primary School are within 1km.
The tender will close on Jan 31 at 3pm.