Spring Grove, a residential redevelopment site along Grange Road, is
launched for sale by tender today, said Knight Frank Singapore.
Located in one of Singapore’s most affluent neighbourhoods, Spring Grove is also close to Orchard Road.
The
site measures 24,481.2 sq m and currently comprises three blocks of
20-storey apartments with 325 residential units and the conserved Spring
Grove House.
“Being the largest residential plot along Grange
Road, the site offers an exceptional redevelopment opportunity for
developers to design, plan and build an iconic residential development
that could surpass all others,” says Ian Loh, Director & Head of
Investment and Capital Markets.
“It is also one of the few
residential plots remaining in the Orchard area to be made available for
redevelopment into a large-scale luxury condominium,” he added.
Under
the Master Plan 2014, the site is designated as “Residential” with a
Gross Plot Ratio (GPR) of 2.1. At GPR 2.1, it can be redeveloped up to a
maximum permissible Gross Floor Area (GFA) of around 553,377 sq ft.
The
conserved Spring Grove House, which was built in the late 19th century,
is currently integrated within the existing development as a clubhouse.
The owners of Spring Grove are expecting offers in excess of
$1.39 billion, inclusive of the lease top-up premium for a fresh
103-year lease. This translates to a land price of approximately $2,512
psf ppr based on the maximum permissible GFA of approximately 553,377 sq
ft.
The site is a short drive away from established local and
International schools, such as ISS International School, Overseas Family
School, and Raffles Girls’ School.
Tender for Spring Grove will close on 10 September 2014.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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