Raintree Gardens sold
SINGAPORE – The total value of en bloc deals this year has crossed the S$1 billion mark, after the 175-unit Raintree Gardens in Potong Pasir was sold to an associate company of OUL Group for S$334.2 million.
TODAY understands that the keenly watched sale tender of the river fronting housing development attracted between five and 10 bids. A deal was sealed in the wee hours of Thursday morning between the Sale Committee and UVD (Projects), a joint venture between UOL Venture Investments and Singland Homes, a subsidiary of developer United Industrial Corporation (UIC).
The sale of Raintree Gardens is the third successful en bloc sale this year, after Qingjian Realty bought the 358-unit Shunfu Ville S$638 million in May and Roxy-Pacific Holdings snapped up Harbour View Gardens, a 14-unit condominium in Pasir Panjang, for S$33.25 million.
The sale price reflects a land cost of approximately S$797 per square foot 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 site to a gross plot ratio of 2.8, marketing agent JLL said in a statement.
Each apartment owner will stand to receive an average gross sale price of approximately S$1.9 million upon a successful sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board or High Court.
“The collective sale market is slowly turning a corner … The pick-up in collective sale activity is due to a combination of three factors: the switch in the outlook of the residential market from negative to neutral-positive, the shortage of development sites – whether from the government or private sector, and the strong attributes and realistic pricing of the developments that were sold this year,” said Mr Karamjit Singh, International Director and Head of Residential at JLL.
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