As of September 2, D’Grove Villas, situated at 8A Orange Grove Road, has been put on the market for collective sale. Leading the sales activities as joint marketing agents are List Sotheby’s International Realty and Strata AMC. Priced at a leading number of $420 million, or $2,976 per square foot per plot ratio (psf ppr), the property With extra fees for more gross floor space, the land rate comes out to be approx $3,099 psf ppr.
Nestled at the quieter end of Orange Grove Road, this freehold condominium, 32-year-old, has 45 units. Direct opposite Treetops Executive Residences is a 19-unit apartment complex and the 46-unit Orion condominium. The location is highly acclaimed for its close vicinity to the Shangri-La Hotel and the upscale Ardmore Park neighbourhood as well as for being a stone’s throw from the busy luxury hotels along Orchard and Tanglin roads.
Comprising a 50,400 square foot site with an allowed plot ratio of 2.8, D’Grove supports a maximum gross floor size of 141,121 square feet. Following a failed bid in 2019, which collapsed amid market uncertainty driven on by property cooling policies, this represents the second effort at a collective sale by the owners. Bern Chen, Executive Director of Strata AMC, is still enthusiastic about this project, nevertheless, noting fresh interest from developers trying to expand their luxury market portfolios.
Right now, the complex features two large penthouses among three and four-bedroom apartments. Should the transaction go forward, every unit owner may get anything between $6 million and $16 million. Chen said that prospective redevelopment may see the building of 40 to 50 luxury homes, maybe with units as big as 3,500 square feet and private lifts and minimum common flooring.
Given current land rates and other related expenses, projected financials indicate the new development might command prices of $5,000 psf. This is in line with Singapore’s top residential markets—those along Nassim Road, Ardmore Park, and surrounding areas—where record-setting price benchmarks still abound.
Looking back on past statistics, Chen notes continuous demand in upscale neighbourhoods. For example, Ardmore Park Condo has kept increasing resale values despite its age; recent deals bring between $4,108 and $4,472 psf. Les Maisons Nassim, a 2021 Shun Tak Holdings project, attained an average sale price of $5,477 psf in the Nassim region and features a penthouse setting the record for the highest psf price within the property at $6,210 psf.
Especially, the last fresh additions in the Orange Grove area were more than ten years ago, implying pent-up demand for modern luxury products in this prestigious area. Anticipation among possible developers and investors for this magnificent freehold site in District 10 is growing with the tender for D’Grove Villas ending on October 23.
