Charming Garden, a 999-year leasehold residential development located in the prime District 10 of Singapore, has been relaunched for collective sale by public tender with a guide price of $175 million.

The 32-unit, four-storey development occupies an elevated 84,357 sq ft site amidst an enclave of low-rise landed housing. It is five minutes away from Farrer Road MRT Station and within an area designated for two-story semi-detached housing under the 2019 Master Plan.

JCube is set to close in August for a 40-storey residential and commercial development (JCube Condo JCube Residence Residence), which is estimated to cost S$2,000 to S$2,100 psf, and will be connected to numerous amenities. When released for sale in the second half of 2023, it may help to alleviate pent-up demand for housing in Jurong.

Nearby amenities include Empress Road Market and Food Centre and the Singapore Botanic Gardens, with schools such as Raffles Girls’ Primary School and Hwa Chong Institution in the vicinity.

According to URA, the redevelopment plan for the site may be changed back to the approved flat or condominium form, with Gross Floor Area (GFA) not exceeding the existing verified GFA of 85,020 sq ft. In addition, the site is ineligible for the bonus GFA scheme and no land betterment charge is applicable.

At the guide price of $175 million, the price works out to $2,058 per sq ft per plot ratio or $2,074 per sq ft on the land area.

Tang Wei Leng, Managing Director and Head of Capital Markets and Investment Services, Singapore at Colliers, asserts that the strong attributes of the Charming Garden site would appeal to developers and ultra-high-net-worth individuals.

She mentions that recent successful en bloc sales of prime developments in prime districts demonstrate the strong appeal of these sites, given that upcoming unit launches in the Core Central Region (CCR) are estimated to be around 22% of total upcoming launches this year.

The public tender for Charming Garden will close on April 14 at 12pm.

Details of nearby properties and other transactional data can be found on EdgeProp’s Landlens tool.