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

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Charming Garden, a 999-year leasehold condominium located at 138 and 140 King’s Road in Singapore, is back on the collective sale market. The owners of the property have issued a tender with a guide price of $175 million. The site, an elevated 84,357 sq ft plot in the Farrer Road neighborhood, translates to an approximate rate of $2,058 per sq ft per plot ratio (ppr), or $2,074 psf on land area.

This is the second time the property has been offered for sale. The first endeavor was a tender in December 2022 that targeted the same guide price. The tender ended unsuccessful and the collective sale was relaunched in March this year.

Tang Wei Leng, managing director and head of capital markets and investment services at Colliers Singapore, announces that following the tender close, the owners have voted to lower the reserve price. The owners are signing a Supplemental Collective Sale Agreement for the reduced figure.

According to EdgeProp’s Landlens analytics tool, if the property is redeveloped, a breakeven price may be around $3,575 psf. The Urban Redevelopment Authority has further advised that the site may be restored to an approved flats building. Furthermore, should the site be developed into a landed housing project, a developer could construct 112,710 sq ft of landed built-up area without incurring any land betterment charges.

The public tender for the collective sale of Charming Garden is open until July 10.

The strong demand for landed residential housing in Singapore, coupled with the low supply, has already resulted in a 5.9% price increase for such properties so far this year. Interested buyers are encouraged to take advantage of this opportunity and are welcome to submit bids.

Moreover, potential buyers are invited to view the variety of nearby listings in and around Farrer Road on EdgeProp Singapore. Maisonettes at Charming Garden have already been sold with a $2.08 million profit. Recent investment deals in the region have also been on the rise this year.

The overall Singapore real estate market is ripe for investment, and this tender could provide an interesting opportunity for the right buyer. With the flexibility to develop either landed housing or apartments, as well as the likelihood of realizing a healthy return on investment, Charming Garden is certainly worth a look.