{"id":28793,"date":"2016-10-06T15:18:07","date_gmt":"2016-10-06T08:18:07","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-sold-en-bloc-for-334-2m\/"},"modified":"2016-10-06T15:23:53","modified_gmt":"2016-10-06T08:23:53","slug":"raintree-gardens-sold-en-bloc-for-334-2m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-sold-en-bloc-for-334-2m\/","title":{"rendered":"Raintree Gardens sold en bloc for $334.2m"},"content":{"rendered":"


\nThe sale price works out to a land cost of about $797 psf per plot ratio on the potential gross floor area. Source: JLL
\nThe 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.
\nThe 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.
\nMore than 80 per cent 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.
\nEach 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.
\nBuilt 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.
\nThe development is zoned residential under the 2014 Master Plan. It could be redeveloped into a 600 to 748-unit waterfront condominium.
\n\u201cThe 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,\u201d said Karamjit Singh, International Director and Head of Residential at JLL.
\nHe added: \u201cEarlier 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.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote 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 sold en bloc for 4.2m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The sale price works out to a land cost of about $797 psf per plot...<\/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-28793","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\/p75ss1-7up","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":28793,"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":102684,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cavenagh-gardens-up-for-en-bloc-sale-at-480m\/","url_meta":{"origin":28793,"position":1},"title":"Cavenagh Gardens up for en bloc sale at $480m","date":"January 4, 2019","format":false,"excerpt":"\r The reserve price for the freehold development in District 9 works out to a land rate of $1,695 psf ppr. (Photo: JLL) Cavenagh Gardens, a freehold residential development along Cavenagh Road in District 9, has been launched for en bloc sale with a reserve price of $480 million, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93260,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-up-for-en-bloc-sale-for-1-1b\/","url_meta":{"origin":28793,"position":2},"title":"Horizon Towers up for en bloc sale for $1.1b","date":"July 6, 2018","format":false,"excerpt":"\r The reserve price works out to a land rate of $1,964 psf per plot ratio. (Photo: JLL) Horizon Towers, a 211-unit residential development at Leonie Hill in District 9, has been launched for collective sale with a reserve price of $1.1 billion. Including the lease top-up premium of about\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":28793,"position":3},"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":28793,"position":4},"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":[]},{"id":85780,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/choon-kim-house-in-upper-serangoon-up-for-en-bloc-sale-with-over-55m-guide-price\/","url_meta":{"origin":28793,"position":5},"title":"Choon Kim House in Upper Serangoon up for en bloc sale with over $55m guide price","date":"April 18, 2018","format":false,"excerpt":"\r Completed in the early 2000\u2019s, the four-storey mixed-use building comprises 20 commercial units and 10 apartments. (Photo: JLL) The freehold Choon Kim House along Upper Serangoon Road has been launched for collective sale at an indicative price of over $55 million, marketing agent JLL said on Wednesday (18 Apr).\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\/28793"}],"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=28793"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/28793\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=28793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=28793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=28793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}