Colliers (NASDAQ and TSX: CIGI) is launching a collective sale for Charming Garden by way of a public tender, providing prospective developers and investors an opportunity to acquire a prime 999-year leasehold residential redevelopment site.

Located in District 10 at 138 & 140 King’s Road, Charming Garden comprises 32 apartment units and it sits atop a 7,837 sq m (approximately 84,357 sq ft) elevated site amid an enclave of low-rise landed housing. This four-storey residential development is situated within an area safeguarded for two-storey semi-detached housing, as stipulated in the Designated Landed Housing Area (DLHA) plan under the 2019 Master Plan.

Subject to conditions, the Urban Redevelopment Authority has advised that the redevelopment plan for the site may be redeveloped back to the approved flats building form. The GFA for the new redeveloped flat/condominium shall not exceed the verified existing GFA of 7756.56 sq m. The site is not eligible for the bonus GFA scheme and there is no Land Betterment Charge.

The guide price for the site is S$175 million which works out to S$2,096 per sq ft per plot ratio or S$2,074 per sq ft on land area.

Ms Tang Wei Leng (邓慧玲), Managing Director and Head of Capital Markets & Investment services, Singapore at Colliers says, “Charming Garden is sited on a 999-year leasehold land in one of Singapore’s most prestigious residential enclaves made up of largely landed housings. A key attribute of this site is its location, which is within 1km of Nanyang Primary School. We believe the strong attributes of this site would appeal to both developers and ultra-high-net-worth individuals.”

“Singapore is a highly-favoured base for many ultra-high-net-worth families to mange their assets and investments globally. This group of ultra-wealthy individuals are turning to Singapore to set up single family office and they made up the largest group of investors buying into luxury properties in Singapore’s prime districts,” continues Ms Tang.

Located away from the main thoroughfare, Charming Garden site is a mere five-minute walk to the Farrer Road MRT station and a myriad of amenities can be found nearby such as the Empress Road Market and Food Centre as well as the Singapore Botanic Gardens. Additionally, reputable education institutions such as Raffles Girls’ Primary School and Hwa Chong Institution are in the immediate vicinity.

The public tender for the subject site closes on Tuesday, 17 January 2023, at 3pm.