{"id":23907,"date":"2016-08-25T11:35:13","date_gmt":"2016-08-25T04:35:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-may-be-up-for-collective-sale\/"},"modified":"2016-08-25T11:40:08","modified_gmt":"2016-08-25T04:40:08","slug":"raintree-gardens-may-be-up-for-collective-sale","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-may-be-up-for-collective-sale\/","title":{"rendered":"Raintree Gardens may be up for collective sale"},"content":{"rendered":"


\nThe collective sale attempt of Raintree Gardens follows the $638 million sale of Shunfu Ville (pictured) in May.
\nOwners of a privatised former HUDC estate have secured the minimum consent level to put the 175-unit property up for en bloc sale, reported The Straits Times.
\nWith just over 70 years left on the lease, Raintree Gardens is located near Potong Pasir MRT station and next to the Kallang River. The 201,405 sq ft site is zoned residential with a plot ratio of 2.8. It was privatised in July 2014.
\nMarket experts said the owners could get more than $315 million, or around $1.8 million per unit.
\nTaking into account the amount a developer would have to pay the government to top up the lease and build a bigger project, the price could stand at around $430 million, or $761 psf per plot ratio.
\nA first for the estate, the collective sale attempt follows the $638 million sale of Bishan\u2019s Shunfu Ville in May.
\n\u201cWhile there has been one substantial en bloc sale, Shunfu Ville, one sale doesn\u2019t really make a market,\u201d said Christina Sim, Director of Investment Sales at Cushman & Wakefield.
\n\u201cThat said, there are not many good plots in the market right now, and there is still room for more projects in Potong Pasir. It is an up-and-coming area, and most of the new developments there sell well.\u201d
\nMCC Land, for instance, moved 74 percent of the 731 units at nearby The Poiz Residences.
\nGoing by the bullish bids at recent Government Land Sales (GLS) tenders like the Martin Place site, Sim said there is still demand for plum residential sites, although the price must be right.
\nThe Raintree Gardens site is within easy access to the city as it is within walking distance to the MRT station. Another selling point is the site\u2019s proximity to the Bidadari estate, which is set to boast a 10ha park with the Alkaff Lake.
\nRaintree Gardens is also near St Andrew\u2019s Village, which houses not only a primary and secondary school, but also a junior college.
\nLee Liat Yeang, Senior Partner at Dentons Rodyk & Davidson, noted that while industry experts receive many requests to assess potential collective sale sites, it is a tough balance to correctly price sites.
\n\u201cIt will not be easy to sell an en bloc site if it is priced too adventurously for a developer. But if owners don\u2019t price more aggressively, they may not be able to get the 80 percent minimum consent level for the sale,\u201d he said.
\nHe revealed that developers seeking collective sale sites should also take into account the longer pre-construction period. Upon acquiring the site, a developer should first apply to the Strata Titles Board, seek the High Court\u2019s guidance if needed, and allow residents to stay at the property rent-free for six months prior to starting redevelopment.
\n\u201cAll these eat into a developer\u2019s schedule and must be factored in when he prices the land,\u201d added Lee.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Raintree Gardens may be up for collective sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The collective sale attempt of Raintree Gardens follows the $638 million sale of Shunfu Ville...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-23907","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6dB","jetpack-related-posts":[{"id":24499,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-launched-for-sale-for-at-least-315m\/","url_meta":{"origin":23907,"position":0},"title":"Raintree Gardens launched for sale for at least $315m","date":"August 31, 2016","format":false,"excerpt":"\r The Potong Pasir site could be redeveloped into a 600- to 748-unit waterfront condominium. Source: JLL A 175-unit river-fronting residential development in Potong Pasir was launched for sale on Wednesday (31 August), revealed sole marketing agent JLL. Built in the late 1980s, Raintree Gardens is a former HUDC estate\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28793,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-sold-en-bloc-for-334-2m\/","url_meta":{"origin":23907,"position":1},"title":"Raintree Gardens sold en bloc for $334.2m","date":"October 6, 2016","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36196,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-projects-to-go-en-bloc-in-2017\/","url_meta":{"origin":23907,"position":2},"title":"More projects to go en bloc in 2017","date":"November 28, 2016","format":false,"excerpt":"\r Raintree Gardens was one of the successful en bloc properties this year. Market watchers expect more residential properties to go en bloc in 2017, following the success of three collective sales this year, reported The Business Times. \u201cNext year, I expect more \u2014 \u00a0and a wider range of \u2014\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55083,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-group-jointly-completes-purchase-of-raintree-gardens\/","url_meta":{"origin":23907,"position":3},"title":"UOL Group jointly completes purchase of Raintree Gardens","date":"May 17, 2017","format":false,"excerpt":"\r \u00a0 UOL Group has jointly completed the en bloc acquisition of Raintree Gardens in Potong Pasir with its publicly-listed associate firm United Industrial Corporation, reported The Business time. The collective purchase was carried out by UVD (Projects) Pte Ltd, a joint venture between the aforementioned Singapore-based companies, with each\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29745,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shunfu-ville-sale-dispute-could-drag-on-prove-costly-for-owners\/","url_meta":{"origin":23907,"position":4},"title":"Shunfu Ville sale dispute could drag on, prove costly for owners","date":"October 13, 2016","format":false,"excerpt":"\r The ongoing dispute over the collective sale could drag on for months and cost the owners up to $400,000 in legal fees. (Photo: JLL) The sale of Shunfu Ville, the largest en bloc deal since 2007, has hit a brick wall. This week, several newspapers reported that five households\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67062,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-to-ride-on-housing-market-rebound\/","url_meta":{"origin":23907,"position":5},"title":"UOL to ride on housing market rebound","date":"September 21, 2017","format":false,"excerpt":"\r The Raintree Gardens site was purchased in a UOL-led joint venture for $334.2 million. (Photo: JLL) UOL Group is expected to benefit from the recovery in Singapore\u2019s housing market as it had managed to acquire development sites at good prices, reported the Singapore Business Review. In particular, KGI believes\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23907"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=23907"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23907\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=23907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=23907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=23907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}