News: Spanish Village goes en bloc for the third time

Feb 12, 2019

The residential property has been relaunched for en bloc sale with the guide price unchanged at $882 million. (Photo: ET&Co)

Spanish Village, a 226-unit residential development along Farrer Road, has been relaunched for en bloc sale with the guide price unchanged at $882 million, said marketing agent Edmund Tie & Company (ET&Co).

Including a development charge of around $30 million, the price works out to a land rate of $1,721 psf per plot ratio (psf ppr).

More: Over 30 En Bloc Sites Fail To Secure Buyers

“Despite the cooling measures introduced last year, the collective sale committee (CSC) had come to a decision to launch the tender the third time as it is the final chance that Spanish Village, being a choice site with many positive attributes, can have a shot at the market this round,” explained ET&Co.

However, it revealed that the owners of the freehold development are “in the process of signing a supplementary agreement to lower the reserve price” to $828 million.

Nestled on a sprawling 331,457 sq ft site, the development is located near the Singapore Botanic Gardens, Empress Road Market & Food Centre, Holland Village, Dempsey Hill and Chip Bee Gardens.

It is also close to various educational institutions such as Nanyang Primary School, Nanyang Girls’ High School, Raffles Girls’ Primary School, Anglo-Chinese School (International), The Chinese High School, National Junior College and Hwa Chong Institution.

Moreover, the property is well-served by major roads and expressways like Holland Road, Farrer Road, Ayer Rajah Expressway and the Pan Island Expressway.

ET&Co added that in-principle approval to redevelop the site into a 703-unit residential project was obtained from the Land Transport Authority in September.

The tender for Spanish Village closes on 11 March.

More: Understanding The En Bloc Process (August 2018)

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Jennifer Foo
SNR MARKETING DIRECTOR (MULTI MILLION DOLLAR CLUB)
ERA REALTY NETWORK PTE LTD
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