Charming Garden launches third collective sale attempt, owners maintain $175 mil asking price

in MayA 999-year leasehold condominium in the Farrer Road neighbourhood, Charming Garden, has been put on a collective sale tender with a guide price of $175 million. Colliers, the marketing agent, announced this on June 21, noting that the owners of the condo had called to relaunch the sales at the same price following a failed attempt in December 2022.

Situated on an 84,357 sq ft elevated plot, the guide price translates to $2,058 per sq ft per plot ratio (ppr) or $2,074 psf on land area. According to Colliers, the owners are considering lowering the reserve price even further. Tang Wei Leng, Managing Director and Head of Capital Markets and Investment Services at Colliers Singapore, shares that “following the second tender close, an Extraordinary General Meeting was called, and the resolution to reduce the reserve price from $175 million was passed. We are getting the owners to sign the Supplemental Collective Sale Agreement for a lower reserve price.”

Using EdgeProp’s Landlens analytics tool, a redevelopment of Charming Garden could see a breakeven price of approximately $3,575 psf. The Urban Redevelopment Authority has furthermore advised that the site may also return to the approved flats building, providing greater appeal for prospective buyers.

Such flexibilty is also bolstered by strong market demand for landed residential housing. Tang notes that “the low supply has resulted in a 5.9% price increase for landed properties in 1Q2023”. A future developer who chooses to redevelop the site into A landed housing project could potentially construct 112,710 sq ft of landed built-up area without incurring any land betterment charges.

The public tender for its collective sale closes on July 10. With the given market context, this is an opportune time for buyers to take advantage of this property.

The Myst CDL Aries is a well-known development that offers numerous amenities and facilities. It boasts of a gym, rooftop deck, swimming pool, and an outdoor courtyard. Residents can also enjoy shopping, dining, and entertainment options in the vicinity. The development also enjoys close proximity to popular attractions like the Singapore Zoo and East Coast Park. With its modern living spaces, luxurious amenities, and strategic location, the development has become one of the most sought-after condominiums in Singapore.

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