The iconic D’Grove Villas has been launched for collective sale with a guide price of $420 million or $2,976 psf per plot ratio (ppr). Located at 8A Orange Grove Road in Singapore’s prestigious District 10, this freehold condominium sits on a sprawling 50,400 sq ft site and offers developers a rare opportunity to build a new luxury condo in one of Singapore’s most sought-after neighborhoods. This marks the second en bloc attempt since 2019, signaling renewed confidence in the high-end property market.
Why D’Grove Villas Is a Hot Property
D’Grove Villas is uniquely positioned in a quiet enclave off Orange Grove Road, surrounded by luxurious developments like Ardmore Park and just a stone’s throw from the world-renowned Orchard Road shopping belt. Residents of this development enjoy both exclusivity and convenience, being within walking distance of luxury hotels, shopping malls, and top-notch amenities. The presence of notable landmarks such as the Shangri-La Hotel further adds to the appeal.
With just 45 units on this expansive site, the redevelopment potential is significant. The site could accommodate a new luxury condominium with 40 to 50 units, with each unit offering spacious layouts of 3,000 to 3,500 sq ft. This potential new development is expected to cater to the upper echelon of buyers who seek exclusivity, privacy, and large living spaces.
Timing and Market Sentiment
The current attempt to sell D’Grove Villas en bloc comes amid a more favorable market sentiment compared to the first attempt in 2019. Back then, the market was hit by cooling measures that increased developers’ Additional Buyer’s Stamp Duty (ABSD), dampening collective sale opportunities. However, today’s market conditions have improved, and developers who specialize in the luxury segment are looking to replenish their land banks in prime locations like District 10.
Bern Chen, Executive Director of Strata AMC, one of the joint marketing agents, expressed optimism about this round’s success. The luxury property market in Singapore has seen new highs, especially in areas like Ardmore Park, Nassim Road, and Paterson Hill. For instance, resale prices at Ardmore Park Condo have been trending upwards, with recent transactions reaching as high as $4,472 psf. Meanwhile, Les Maisons Nassim, a newly launched luxury development, achieved record prices of up to $6,210 psf.
The scarcity of new developments in the Orange Grove area adds to the allure of D’Grove Villas. The last major condo launches in this neighborhood were Orange Grove Residences and The Orange Grove, both of which were completed more than a decade ago. This limited supply of new projects makes D’Grove Villas a rare gem for developers seeking to capitalize on the luxury market.
Real Estate Market Impact
From a real estate perspective, the potential redevelopment of D’Grove Villas could reshape the luxury property landscape in District 10. The projected selling price of units in the new development is expected to hover around $5,000 psf, placing it in line with other luxury developments in the area. The site’s strategic location, combined with the growing demand for luxury properties, could see it attract both local and international investors.
Summary and Key Highlights:
- Prime Location: D’Grove Villas sits in a prime location off Orange Grove Road, near Orchard Road and prestigious landmarks like the Shangri-La Hotel.
- Freehold Site: The property is a rare freehold site in District 10, spanning 50,400 sq ft.
- Redevelopment Potential: If successful, the site could accommodate a new luxury condo with 40-50 units, catering to high-end buyers seeking large and exclusive residences.
- Rising Market Sentiment: Market conditions have improved since the last en bloc attempt in 2019, with luxury property prices in nearby areas reaching new highs.
- Scarcity of New Developments: No new condos have been launched in the Orange Grove area in 17 years, making D’Grove Villas a rare and valuable opportunity.
The relaunch of D’Grove Villas for collective sale represents a pivotal moment for Singapore’s luxury real estate market. Situated in a highly coveted location, this property offers developers a chance to create a new luxury icon in District 10. With market conditions favoring high-end developments and a scarcity of new projects in the Orange Grove area, this is an opportunity that is likely to attract significant interest. The anticipated high demand for luxury residences, coupled with strong resale prices in the surrounding neighborhoods, suggests that this en bloc attempt could finally succeed.
Interested in how this en bloc sale could impact property values in the area? Want to explore potential investment opportunities in Singapore’s luxury property market? Don’t miss out on this prime opportunity. Reach out to me today to stay updated on the latest developments and discuss how you can capitalize on this evolving landscape.