The sale price works out to a land cost of about $797 psf per plot ratio on the potential gross floor area. Source: JLL
The 175-unit Raintree Gardens residential development at Potong Pasir has been sold collectively to UVD (Projects), a joint venture company of UOL Group and United Industrial Corporation (UIC), said marketing agent JLL.
The sale price of $334.2 million works out to a land cost of about $797 psf per plot ratio on the potential gross floor area, inclusive of an estimated differential premium payable to the state to top up the lease to a fresh 99 years, and for redevelopment of the site to a gross plot ratio of 2.8.
More than 80 percent of the owners had consented to the en bloc sale, for which a public tender was launched on 1 September 2016 with a reserve price of $315 million.
Each homeowner will stand to gain around $1.9 million upon a successful sale, which is subject to certain conditions being met, including an order of sale by the Strata Titles Board or High Court.
Built in the late 1980s by the Housing and Urban Development Company (HUDC), the river-fronting Raintree Gardens comprises two 12-storey mansionette blocks and one seven-storey mansionette block, with a land area of approximately 201,405 sq ft. It was privatised in 2014.
The site is zoned residential under the 2014 Master Plan and could be redeveloped into a 600 to 748-unit waterfront condominium.
“The sale of Raintree Gardens brings the total value of successful en bloc sales in Singapore this year to $1 billion, with this being the third sale for the year,” said Karamjit Singh, International Director and Head of Residential at JLL.
“Earlier in May, JLL sold the 358-unit Shunfu Ville for $638 million, while the 14-unit Harbour View Gardens was sold in August for $33.25 million.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
