Culford Garden sold for $39 million

Culford Garden, a 24-unit apartment at Siglap, has successfully been sold for $39 million to Fragrance Properties in a collective sale – the third successful collective sale this year.

This means each owner could get an average of $1.625 million from the sale.

The sale price also translates to a land rate of about $632 per square foot, per plot ratio at a Gross Plot Ratio of 1.4.

Currently, 83 per cent of owners have given consensus to the sale and the sales committee is hopeful that it will obtain the go-ahead from the remaining owners, according to property consultant Credo Real Estate.

The site has been zoned for residential development with an allowable height of five storeys.

Fragrance is looking at owners vacating Culford Garden by end of this year, said Mr Karamjit Singh, managing director of Credo Real Estate.

Mr Colin Tan, head of research and consultancy at Chesterton Suntec International believes that this is a reasonable enbloc price, given that the apartments are already almost 25 years old, and the hot property market now. “This could be why the developer is keen for this enbloc,” he added.

The freehold site has a combined land area of 44,093 square foot and being in District 15 it is a short drive from amenities and food outlets in East Coast Park, and accessible to the Central Business District via the East Coast Parkway. Julie Quek