Three freehold sites — Ming Arcade, Asia Gardens and Jade Towers (pictured) — were released in the collective sales market yesterday, with a total price tag of more than S$500 million.
Located on 21 Cuscaden Road, Ming Arcade is a prime freehold commercial development off Orchard Road. It is zoned for commercial development with an allowable gross floor area (GFA) of 55,046 sq ft and a gross plot ratio of 4.2+.
“The possible redevelopment options include medical suites, office and retail developments, hotel and mixed commercial and residential uses, subject to relevant authorities approval and payment of development charge (if applicable),” said Jones Lang LaSalle (JLL), the sole marketing agent.
Currently, Ming Arcade comprises 88 commercial and retail strata units measuring between 140 sq ft and 620 sq ft. It is less than 500m away from Orchard MRT station and enjoys excellent accessibility through the PIE and CTE.
JLL said the tender for the site will close on 16 February 2012, adding that no development charge (DC) is payable.
Meanwhile, Asia Gardens and Jade Towers are located within established residential enclaves. This is the first time both developments have achieved the required 80 percent majority mandate for the collective sales exercise.
With an indicative price of between S$302.6 million and S$307.7 million (S$1,500 psf ppr to S$1,525 psf ppr), Asia Gardens is an 84-unit condo development at 42 Everton Road in District 2. It is zoned for residential development, with an allowable GFA of 201,765 sq ft and a plot ratio of 2.8 under the 2008 Master Plan.
Jade Towers, on the other hand, has a guide price of between S$108.8 million and S$110.8 million (around S$826 psf ppr to S$841 psf ppr). It currently comprises two 10-storey blocks with a total of 72 apartments measuring about 1,453 sq ft each. The site has a total area of 92,412 sq ft, and can be redeveloped to accommodate a GFA of 131,702 sq ft, or 101 new condominiums averaging 1,200 sq ft each.
“These two freehold sites are likely to draw keen interest from developers due primarily to their excellent site attributes. Apart from their popular residential address, the sites are conveniently located and enjoy good accessibility to MRT Interchange stations as well as amenities,” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore, who is handling the sale.
Savills said the tender for Jade Towers and Asia Gardens will close on 16 and 29 February 2012 respectively.
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