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Spanish Village in third attempt at en bloc sale

11 February 19 | The Business Times


SPANISH Village, a freehold condominium located along Farrer Road, is up for collective sale for the third time with no change to its guide price of S$882 million.

This reflects a land rate of S$1,721 per sq ft per plot ratio (psf ppr) inclusive of a development charge of approximately S$10 million. But in light of the cooling measures introduced in July last year, the owners are said to be in the process of signing a supplementary agreement to lower the reserve price of their development to S$828 million.

Its last unsuccessful attempt to sell en bloc was in October 2018.

The collective sale committee had decided to launch the tender again as it is the "final chance" that it can have a shot at the market this time, according to marketing agent Edmund Tie & Company.

Located in prime District 10, the 30,793.4 sq m site is situated 275 metres away from Farrer Road MRT station and a 10 minute drive away from Orchard Road and one-north. Built in the 1980s, it comprises 226 apartments.

Under Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 1.6.

A pre-application feasibility study was carried out by an appointed traffic consultant and an in-principle approval of up to 703 units has been obtained from the Land Transport Authority on 6 September 2018.

The tender exercise for the site will close on 11 March 2019 at 3pm.