The Avenir condo Singapore site was successfully bought over by a tripartite join venture that comprises of Intrepid Investments, Guocoland and Hong Realty which is a subsidiary of the Hong Leong Group. For the tripartite joint venture, both Intrepid Investments and Guocoland hold 40% interest each while Hong Realty has the remaining 20% stake. Hong Leong Investment has majority stakes in both Intrepid Investments and Hong Realty.
The collective sale exercise has generated much interest with biddings from a handful of local and overseas real estate companies. Eventually the tripartite joint venture has managed to acquire the land parcel with a winning price of S$980 million which is 4.5% more than its reserve asking price of S$938 million. Each owner of the apartment units for Pacific Mansion stand to receive a sale proceeds between S$3.36 to S$3.48 million while the payouts for the commercial units are S$2.2 million and S$4.5 million. With the additional of 10% extra gross floor areas for the balconies, the site has a maximum allowable Gross Floor Area of 542,544 square feet which translate to S$1,806 per square foot per plot ratio.
The Avenir stands out with its superior attributes including its freehold tenure, District 9 address and close proximities to important amenities and wonderful attractions. Upon completion, the development will be a luxury condominium and an iconic landmark to add to the central Singapore skyline.
The collective sale deal was brokerage by real estate agency, CBRE. According to Mr Galvin Tan, the director for capital markets of CBRE, the result of the tender is a testimony of the extensive freehold land parcel with the excellent attributes that is located in the district nine’s core, which inclusive of the closeness to both the Orchard Shopping Belt and the downtown financial district as well as the upcoming MRT station.
The Avenir condo sits on the land parcel which is probably the largest site that has recently come into the market that is with freehold tenure and also walking distance from Orchard Road.
Therefore this project will be of quite a high profile one. This development is deemed to be living up to its expectation given its location, the attributes of the site especially with the reputation of its developer.
Other developments that are within the development’s vicinity include Martin Place Residences, Skyline 360 @ St Thomas Walk, New Futura, 8 Hullet, 111 Emerald Hills, Gramercy Park, The Nassim and The Rise @ Oxley.
The collective sale deal was brokerage by real estate agency, CBRE. According to Mr Galvin Tan, the director for capital markets of CBRE, the result of the tender is a testimony of the extensive freehold land parcel with the excellent attributes that is located in the district nine’s core, which inclusive of the closeness to both the Orchard Shopping Belt and the downtown financial district as well as the upcoming MRT station.
The completion date for the development is estimated to be in 2025. Upon completion, this development will comprise of 2 block of 36 level high apartment blocks. The unit configurations available at this development include 69 units of 1 bedroom type which are sized between 49 to 50 square metres, 69 units of 2 bedroom type which are sized between 75 to 77 square metres, 69 units of 3 bedroom plus store room type which are sized at 106 square metres, 68 units of 3 bedroom type that come with private lift lobby, open yard and store room which are sized between 142 to 146 square metres, 67 units of 4 bedroom type that come with private lift lobby, open yard and store room which are sized between 191 to 192 square metres and 34 units of 4 bedroom type that come with private lift lobby, family room, open yard and store room which are sized at 224 square metres
The communal facilities will be spread between the two towers which include Arrival courtyard, Guard House, Welcome lounge, Sculpture court, Serenity garden walk, Garden lounges, Reflection pool, Putting green, Gym, Reading patio, Lazy lounge, Social terrace, Bicycle park, Clubhouse, Private dining room with kitchen, Reading lounge, Changing room, Concierge service, Great lawn, Picnic lounge, Gourmet salon with BBQ pit, Afternoon tea terrace, 50m lap pool, Sun deck, Social corner, Children’s playground, Spice garden, BBQ pits, Tennis court, Spa pavilion with Jacuzzi, Water lily pond, Meditation deck, Yoga deck, Hydrotherapy pool, Pool deck, Relaxation pavilion, Outdoor fitness corner, Garden seating, Herbs garden, Urban farm, Sunset lounge, Twilight lounge, Sky lounge, Quiet alcove, Solitaire patio and Cityview corner.
The Avenir condo is situated within River Valley’s residential zone. The land parcel is nearly a shape of trapezoid with the development’s frontage of the road that is in the eastwards direction to the River Valley Close. This road although is a 2 way lane street but it is not a main access.
Towards the North bound direction will be Regalia condo that will shelter the development conveniently away from the noise of the traffics from the River Valley Road which is the main arterial road.
On the West bound and South West bound of the development will be the extensive fields of the River Valley Primary School. The height of the buildings of this school should not be higher than four levels or five levels tall.
This means that on at least two sides of this development, residents should be able to enjoy a quite unobstructed view from a distance. This is particularly true when beyond the River Valley Primary School will be the Singapore River as well as the Kim Seng Park. There will be possibility that certain units will get views of those.
Coincidentally, right across the Singapore River will be the upcoming development of the Fraser Residence and also the Riviere that is of 99 years lease tenure. As an interest that is of relevance, the selling price of the Rivere condo is around S$2,900 per square foot.
The location of The Avenir condo is appealing that is in the River Valley district, at fringe of Orchard Shopping Belt and also proximity to the business hubs of Shenton Way, Marina Bay and Raffles Place.
This portion of the River Valley estate is opposite of Killiney Road which will be leading to Orchard Shopping Belt’s Somerset sector.
The nearest shopping centre that is walking distance from the development will be the Great World City which is approximately 600 m or 8 to 9 minutes’ of walk away. Future residents will be able to access to every basic necessity at this mall such as lifestyle shops and outlets, groceries, banks and plenty of F&B options from restaurants, cafes to fast food outlets.
For more variety, future residents can take a 12 to 15 minutes’ stroll to the Orchard Road Shopping Street. Along the walk, they will be passing by the Killiney Road which houses some traditional coffeeshops which serve up local tasty fare.
The location of Avenir is also walking distance to the Robertson Quay. This portion of Singapore River comprises of an enthralling blend of the new and the old.
At Robertson Quay, there is an eclectic clutter of alfresco cafes, restaurants for fine dining, art houses, bistros, cafes and pubs. Most of them are residing in the restored conservation warehouses and shophouses, in contrast charmingly against the lustrous design of modern hotels and boutique hotels that enveloped the river.
This nightspots located at the upper part of Singapore River provides many pleasant venues for cozy dining at the riverfront and an unwinding evening with friends.
About The Developer
The Avenir condo will be developed by the collaboration by two of the biggest and most established players in the Singapore’s real estate market.
It is a teaming up of Hong Realty and Intrepid Investments, which both under Hong Leong with Guocoland Limited their sister company to come together to develop this freehold land parcel.
Guocoland Limited
Guocoland is a Singapore based company that has went public on the Singapore Stock Exchange since 1978. The company is a regional player in the real estate market with its developments constructed across China, Malaysia, Vietnam, Vietnam and Singapore. More recently, the company has expanded to Australia as well as the United Kingdom.
The Group’s primary business activities will be in property management, investment and development as well as hotel operations. The Group’s portfolio in the real estate segment includes hospitality and residential projects and also integrated and commercial developments.
The Group has developed more than 10,000 homes spanning 35 projects to the local real estate market just alone in Singapore.
Notably developments by The Group include the iconic Tanjong Pagar Cente. This integrated development has blended in together Grade A office spaces of Guoco tower, 5 stars luxurious hotel, Sofitel Singapore City Centre, lifestyle retail and F&B spaces, luxurious apartment units of Wallich Residence and is fronted with a urban landscaped park.
The Group has also constructed commercial developments of large scale, integrated developments and also townships in overseas and Malaysia.
The Group also emphasizes a lot on eco-friendliness. A number of its projects that have attained awards for environmental sustainability include Leedon Residence, Goodwood Residence, Sim Urban Oasis, Waterine, Sophia Residence, Wallich Residence and Martin Modern.
Guocoland has also gained recognitions with the many awards and accolades being conferred to The Group internationally and locally for its design and work quality.
Hong Leong Investment Holdings (HLIH)
HLIH has begun to ventured into the real estate sector ever since in late 1960s. That happened when the company was consolidating its property investments and investments to Hong Leong Holdings Ltd.
The company is one of the biggest players in the real estate sector of Singapore and has earned its reputation for quality and reliability. The company also has lettable industrial, residential, office and retail spaces with more than 8 million square feet.
In the last 50 years, the company has completed numerous iconic developments that have been donning the skyline of Singapore. It is recognized as a leader in the real estate market with more than 100 integrated, commercial and residential projects completed under its belt.
Amongst the company’s numerous development are those like Robertson Quay’s Watermark, Orchard Road’ Grange Heights, Meyer Road’s Aalto, The MeyeRise, Atria, Residences at W Sentosa Cove, St Regis Residences, Tate Residences, Sage, One Shenton and One Balmoral.
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