Updated from : The Business Times, 23 Feb 2021
QUEEN Astrid Gardens has been relaunched for collective sale again with a lower reserve price of S$123.8 million, S$3 million less than the guide price listed in September 2020, exclusive marketing agent Knight Frank announced on Monday.
The four-storey condominium sitting in the Queen Astrid Park Good Class Bungalow Area has a site area of approximately 5,782.6 square metres (sq m). This brings the property to a price of about S$1,989 per square foot (psf) on the land area.
Featuring 16 residential apartments ranging from 224 sq m to 239 sq m, the condominium sits atop one of the highest points in the area on elevated grounds.
The potential buyer can retain its current use as apartments or explore redevelopment options such as building a single mansion or subdividing it into a maximum of four Good Class Bungalow (GCB) parcels. Knight Frank added that this is subject to approval by the relevant authorities.
Head of capital markets for land & building, collective & strata sales Ian Loh believes the property “poses opportunities for potential buyers looking to create a large family estate and leave an enduring legacy”.
He noted that GCBs in the area had been actively transacted at a total of more than S$532 million.
“Some notable GCB transactions in the last two months include 5 Swettenham Close at S$2,893 psf on land, 14 Cluny Hill at S$2,315 psf on land, and 1 Chatsworth Park at S$2,082 psf on land,” said Mr Loh.
Queen Astrid Gardens is available via tender, which will close on March 31 at 3pm.