<article>A consortium led by <a href="https://www.dealstreetasia.com/?s=Sustained%20Land">Sustained Land Pte Ltd</a> has bought <a href="https://www.dealstreetasia.com/?s=Asia%20Gardens">Asia Gardens</a>, a freehold development located along Everton Road, for S$343 million ($262 million) via a collective sale.</article>

A consortium led by <a href="https://www.dealstreetasia.com/?s=Sustained%20Land">Sustained Land Pte Ltd</a> has bought <a href="https://www.dealstreetasia.com/?s=Asia%20Gardens">Asia Gardens</a>, a freehold development located along Everton Road, for S$343 million ($262 million) via a collective sale.
Completed in 1985, Asia Gardens is a 23-storey development with 80 apartment units and four penthouses. The consortium of buyers also includes Ho Lee Group, a Singapore builder and developer, and an investment holding company owned by Loi Pok Yen.
In a statement, investment advisory Edmund Tie &amp; Company (ET&amp;Co), the firm that handled the collective sale, said the sale price of S$343 million reflects a land rate of S$1,722 ($1,313) per square foot per plot ratio.
The sale price was 6.5 per cent above the owners&#8217; guide price of S$138 million ($105 million) during the tender that was launched in November last year.
Owners at the 23-storey development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between S$3.476 million ($2.65 million) and S$7.73 million ($5.9 million) per unit.
Asia Gardens has a land area of approximately 6,694.5 square meters and can potentially be redeveloped into a 36-storey residential condominium project with approximately 264 apartment units, subject to authorities’ approvals.
Asia Gardens is also situated near popular areas such as Marina Bay, Clarke Quay, Orchard Road and Harbourfront.
ET&amp;Co is also handling the collective sale of Peak Court and Casa Meyfort, with tender closing on May 9 and May 21, respectively.
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A consortium led by Sustained Land Pte Ltd has bought Asia Gardens, a freehold development located along Everton Road, for S$343 million ($262 million) via a collective sale.

Singapore: Asia Gardens' property collective sale fetches $262m

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Singapore: Asia Gardens' property collective sale fetches $262m

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