News: Queen Astrid Gardens relaunched for en bloc sale for $123.8mil

Feb 23, 2021

Potential buyer can retain its current use as apartments, redevelop it into a single mansion or subdivide it into up to four GCB parcels, subject to the relevant authorities’ approval. Image: Knight Frank

Queen Astrid Gardens, a four-storey residential development, has been relaunched for collective sale, with the owners expecting offers above the $123.8 million reserve price or around $1,989 per sq ft (psf) on the land area, revealed exclusive marketing agent Knight Frank Singapore.

Located within the Queen Astrid Park Good Class Bungalow Area (GCBA), the 999-year leasehold condominium occupies a 5,782.6 sq m (62,243 sq ft) site and was previously put on the market for $126.8 million in September last year.

The development comprises 16 residential apartments measuring between 224 sq m and 239 sq m. Nestled on elevated grounds, it enjoys more than 100 metres frontage onto Queen Astrid Gardens.

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“Queen Astrid Gardens poses opportunities for potential buyers looking to create a large family estate and leave an enduring legacy. The multiple redevelopment options present an attractive proposition for home-seekers and investors looking for further wealth preservation potential,” said Ian Loh, Head of Capital Markets for Land & Building, Collective & Strata Sales, Knight Frank Singapore.

Knight Frank noted that the potential buyer can retain its current use as apartments, redevelop it into a single mansion or subdivide it into up to four GCB parcels, subject to the relevant authorities’ approval.

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Loh noted a “flurry of GCB activity since December 2020, with at least 15 GCBs transacted at a total of more than $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,” he said.

The tender for Queen Astrid Gardens closes on 31 March.

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