Asia Gardens in Everton Road sold en bloc for S$343m to Sustained Land

Asia Gardens in Everton Road had successfully went through a collective sale of S$343m to Sustained Land. Sustained Land-led consortium, of which includes Ho Lee Group and other partners, bought Asia Gardens en bloc for S$343m, from which the owners at the 23 storey Asia Gardens are expected to receive a gross proceed between S$3.476m and S$7.73m per unit of the 80 apartment units and 4 penthouses. The asking price of Asia Garden was S$338m when the tender was launched in March 2019. The development of approximately 72,059sqft translates to about S$1,722/sqft.

A redevelopment could potentially turn the plot of land which Asia Gardens currently sits on into a 36 storey freehold residential condominium with over 262 residential apartment units. This new project is expected to be very popular due to the apartments being able to enjoy a north-south facing orientation, and that the units will enjoy unobstructed panoramic views of the cityscape. Many homeowners tend to look for north-south facing units as this would mean the sun would not be overwhelming, be it in the morning or afternoon, which will cause the apartment to heat up.

The new development project site is situated in a prime location, being near places like Chinatown, Harbourfront, Orchard Road, Clarke Quay and Marina Bay. These factors, including the ease of transport and taking into account the amenities and facilities in the vicinity, Sky Everton is sure to be popular and in high demand. It will definitely prove to be the next exciting launch of a new condo in December 2025.

As there are multiple upgrading works being done in the area, the new condo would be expected to be sold higher than the purchase price of S$1,722/sqft, once the development of the surrounding amenities are completed.