SINGAPORE - Freehold D'Grove Villas condominium in prime District 10 has been put up for collective sale again, this time at a slightly lower asking price of $392 million, according to sole marketing agent Centaline Singapore.
This translates to a unit land rate of $2,908 per sq ft per plot ratio (psf ppr) for the residential redevelopment site.
The property's first collective sale attempt was launched in March at $398 million, and the tender closed in May.
That was the first collective sale project in Singapore marketed by Centaline Singapore. Its parent company Centaline Property Group is one of Hong Kong's largest property agencies.
Located at 8A Orange Grove Road in the Ardmore precinct, the 21-storey condominium has 45 units and sits on a 50,400 sq ft freehold site overlooking the Singapore Botanic Gardens and the city skyline.
D'Grove Villas is zoned for residential use, and has a gross plot ratio of 2.8 under the Urban Redevelopment Authority's Master Plan 2014.
It may be redeveloped into a condominium up to 36 storeys high, with a permissible gross floor area of 141,120 sq ft including balconies, subject to approvals from the authorities.
Within walking distance is the Orchard Road shopping belt, while the central business district, Singapore Botanic Gardens and schools are a few minutes' drive away. Also nearby are private clubhouses, embassies, serviced apartments and good class bungalows (GCBs).
Centaline Singapore key executive officer Ronnie Khoo said: "With the resurgence of property purchases by foreigners over the past couple of months, and several big-ticket GCB transactions in the vicinity, this premier neighbourhood will certainly add a boost to the land value."
"We have also seen property sales picking up in the market, especially in the private home sector," Mr Khoo added.
The tender for D'Grove Villas will close at 3pm on Sept 30.