Property News · May 6, 2017

One Tree Hill Gardens sold for $65m in first en bloc sale of 2017


The sale price is less than the over $72.8 million that owners initially expected. (Photo: Knight Frank)
One Tree Hill Gardens off Orchard Boulevard has been sold for $65 million to a subsidiary of construction and property development company Lum Chang Group, said marketing agent Knight Frank on Friday (5 May).
The sale price translates to a land rate of approximately $1,664 psf, which is less than the over $72.8 million ($1,864 psf) that owners initially expected.
According to Knight Frank, this is the first en bloc deal of 2017, and the first involving a freehold landed-zoned site since Milton Court in June 2013.
The approximately 39,063 sq ft site, which currently houses a three-storey building comprising six maisonettes and seven apartments, was put up for sale in January this year. Under the Master Plan 2014, the site is zoned for residential, two-storey semi-detached use.
“During the course of marketing, the development received considerable interest from developers as well as contractor-developers, as this is the only sizable landed redevelopment site within close vicinity of Orchard Road,” said Ian Loh, Executive Director & Head of Investment and Capital Markets, Knight Frank Singapore.
The agency will now focus its attention on marketing Rio Casa, a privatised HUDC estate along Hougang Avenue 7. Launched for collective sale last month, the owners of the 286-unit river-fronting estate are expecting offers above $450.8 million, or a land rate of about $586 psf.
The tender for Rio Casa will close on 23 May 2017.
 
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Source : proppertyguru.com.sg/Property Market
Read more…One Tree Hill Gardens sold for m in first en bloc sale of 2017

You may also like...