{"id":24499,"date":"2016-08-31T16:00:14","date_gmt":"2016-08-31T09:00:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-launched-for-sale-for-at-least-315m\/"},"modified":"2016-08-31T16:14:34","modified_gmt":"2016-08-31T09:14:34","slug":"raintree-gardens-launched-for-sale-for-at-least-315m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-launched-for-sale-for-at-least-315m\/","title":{"rendered":"Raintree Gardens launched for sale for at least $315m"},"content":{"rendered":"


\nThe Potong Pasir site could be redeveloped into a 600- to 748-unit waterfront condominium. Source: JLL
\nA 175-unit river-fronting residential development in Potong Pasir was launched for sale on Wednesday (31 August), revealed sole marketing agent JLL.
\nBuilt in the late 1980s, Raintree Gardens is a former HUDC estate that was privatised in 2014. It sits on 201,405 sq ft of land and comprises one seven-storey and two 12-storey mansionette blocks. Under the 2014 Master Plan, the site is zoned for residential use and has a gross plot ratio of 2.8.
\nMore than 80 percent of the development\u2019s owners have consented to the collective sale, and are looking at offers in excess of the minimum price of $315 million. This translates to a land rate of approximately $759 psf per plot ratio on the potential gross floor area, factoring in the differential premium payable to the state to top up the lease to a fresh 99-year lease, and for intensification of the site.
\nAt this rate, the estimated breakeven cost for the successful purchaser should be around $1,250 psf, with the new units expected to fetch around $1,450 psf.
\nNicholas Ng, Local Director, Capital Markets at JLL said: \u201cThis site presents a unique offering as it enjoys a direct frontage of over 200 metres onto the Kallang River and could potentially be rebuilt into a 600- to 748-unit waterfront condominium.\u201d
\nThe site is within walking distance to Potong Pasir MRT station, as well as upcoming developments and amenities being planned at the nearby Bidadari estate, which include a bus interchange, two community malls and a 10ha park comprising the new Alkaff Lake.
\nNg noted that Build-To-Order flats in Bidadari have been extremely popular among applicants due to their central location, with over 20,000 applications for 3,733 flats.
\nIn a statement, JLL said the tender exercise for Raintree Gardens will close on 5 October.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Raintree Gardens launched for sale for at least 5m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Potong Pasir site could be redeveloped into a 600- to 748-unit waterfront condominium. Source:...<\/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-24499","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\/p75ss1-6n9","jetpack-related-posts":[{"id":28793,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-sold-en-bloc-for-334-2m\/","url_meta":{"origin":24499,"position":0},"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":23907,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-may-be-up-for-collective-sale\/","url_meta":{"origin":24499,"position":1},"title":"Raintree Gardens may be up for collective sale","date":"August 25, 2016","format":false,"excerpt":"\r The collective sale attempt of Raintree Gardens follows the $638 million sale of Shunfu Ville (pictured) in May. Owners 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. With just over 70\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":24499,"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":24499,"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":35120,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-to-launch-new-projects-in-clementi-potong-pasir-in-next-two-years\/","url_meta":{"origin":24499,"position":4},"title":"UOL to launch new projects in Clementi, Potong Pasir in next two years","date":"November 21, 2016","format":false,"excerpt":"\r The Clement Canopy in Clementi is set to be launched in early 2017. (Photo: URA) Property developer UOL Group is planning to launch two new residential projects in Clementi and Potong Pasir over the next two years, reported Singapore Business Review, citing a report from OCBC Investment Research. The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":88551,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/8-more-properties-launched-for-en-bloc-sale\/","url_meta":{"origin":24499,"position":5},"title":"8 more properties launched for en bloc sale","date":"May 17, 2018","format":false,"excerpt":"\r Cairnhill Astoria (the red building) in prime District 9 has joined a growing list of properties launched for en bloc sale. (Photo: Colliers International) Singapore\u2019s red-hot collective sales market continues to sizzle with more homeowners jumping on the en bloc bandwagon. Cairnhill Astoria in Cairnhill Rise and Trendale Tower\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\/24499"}],"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=24499"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24499\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=24499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=24499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=24499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}