Asia Gardens back on market at lower price

FREEHOLD condominium development Asia Gardens is up for sale again, and owners are setting their sights a little lower by asking for between $273.2 million and $300.3 million, compared with the $302.6 million to $307.7 million they wanted in January.

The property, located at Everton Road, has an allowable gross floor area of 201,765 square feet based on a plot ratio of 2.8, which works out to a cost of about $1,354 to $1,488 per square foot per plot ratio (psf ppr). The previous indicative price works out to $1,500 to $1,525 psf ppr.

A nearby development, Dragon Mansion, at 14 Spottiswoode Park Road, was sold for $1,202 psf ppr in November last year.

The 84-unit Asia Gardens, zoned for residential use, lies within an area which is undergoing major rejuvenation, with the proposed transformation of the former Tanjong Pagar KTM Station, Tanjong Pagar Container Terminal and the redevelopment of several high-rise apartments.

Source: Business Times – 10 July 2012