SPRING GROVE condominium along Grange Road is going back on the market, three years after its first collective-sale bid failed, a Straits Times report said. Its owners are hopeful for a bid of at least S$1 billion, after having asked for S$1.39 billion in 2014, a sale committee representative told the newspaper on Thursday.
The price tag works out to about S$1,807 per sq ft (psf), based on a maximum gross floor area of 553,377 sq ft. It could also spell a windfall of an average of S$3 million for each of the 325 households.
It was not clarified whether the S$1-billion consideration includes a lease top-up premium. The tricky nature of the project is such that it is built on the estate of a former United States diplomatic residence. It has a 99-year lease which started in 1991 and reverts back to the US government at the end of the tenure as freehold land.
Therefore, selling the development will require co-operation with the US government. The developer will have to pay not only the owners of Spring Grove, but the US government as well.
ST quoted Adrian Loh, chairman of the Spring Grove sale committee, as saying that the residents have learnt valuable lessons from its earlier failed en bloc attempt, and are optimistic about a successful deal this time round, amid the revived collective sale market.
Spring Grove currently comprises three blocks of 20-storey apartments with 325 units, plus a conserved Victorian-styled Spring Grove House – previously an ambassadorial residence and home to several renowned businessmen in Singapore, now integrated within the development as a clubhouse.
The sprawling 263,513 sq ft site can be developed into a maximum gross floor area of 553,377 sq ft. The site is also located close to the residential areas of Chatsworth Road and Bishopsgate, as well as the Orchard Road retail belt and the Central Business District.
Spring Grove’s sales committee is reportedly looking for a marketing agent and a law firm now. Other recent en bloc aspirants include Braddell View, the largest of Singapore’s 18 HUDC estates, and Pine Grove, which is looking at an indicative reserve price of S$1.65 billion that would trump the record of S$1.34 billion set in 2007 by Farrer Court, another former HUDC estate.