FREEHOLD high-rise condominium D’Grove Villas is back on the market for collective sale at S$420 million, after two previous attempts closed without a deal.
The current guide price of S$420 million works out to a land rate of around S$3,099 per square foot per plot ratio (psf ppr). This includes an estimated land betterment charge of around S$4.35 million to maximise the current plot ratio on the site.
Owners are expected to pocket between S$6 million and S$16 million, depending on the size of their unit, said joint marketing agents List Sotheby’s International Realty and Strata AMC.
The 20-storey development houses 45 large units, ranging from three-bedroom units of 1,690 square feet (sq ft) each, and four-bedroom units of 2,443 sq ft or 2,702 sq ft, to two penthouses spanning 5,221 sq ft each.
The prime District 10 condo was first launched for collective sale in March 2019 at an asking price of S$398 million. It was relaunched at a slightly lower price of S$392 million later in September, with the tender closing again without a deal.
Built in 1992, D’Grove Villas sits on a plot of around 50,400 sq ft with a maximum gross floor area of 141,121 sq ft. Its location along Orange Grove Road near the Shangri-la Hotel is a stone’s throw from Singapore’s prime shopping belt Orchard Road and near the exclusive Ardmore Park estate in the Tanglin area.
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Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned for residential use with a gross plot ratio of 2.8.
The marketing agents expect the plot to draw strong interest this time from developers and investors alike.
“The first attempt in 2019 was unsuccessful because of weakening sentiment in the property market due to the cooling measures introduced in July 2018,” said Bern Chen, executive director of Strata AMC, representing the joint marketing agents. “Developers were wary of the risks involved in acquiring collective sale sites as the government had raised the Additional Buyer’s Stamp Duty (payable on land acquisitions) from 15 per cent to 25 per cent (plus another 5 per cent which is non-remittable).”
The latest collective sale “represents a rare opportunity for developers to create a landmark residential project in one of Singapore’s most coveted neighbourhoods”, Chen added.
D’Grove Villas’ en bloc attempt this time comes amid a quiet market, with several tenders having closed without securing a deal.
Most recently, the collective sale for the massive Pine Grove condominium site closed without any bids in May. It was put up for sale for the fifth time since 2008 in February for S$1.95 billion or S$1,434 psf ppr.
In the Orchard area, freehold project The Beaumont was launched for collective sale in July 2022 at S$468 million or S$2,448 psf ppr. The 99-year leasehold Orchard Bel Air was also put up for sale in January 2023 at S$587.5 million or SS$2,620 psf ppr. Both attempts closed without a sale.
The tender for D’Grove Villas condo closes at 2 pm on Oct 23.
