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Thread: One Tree Hill Garden to be up for en bloc sale

  1. #1

    Default One Tree Hill Garden to be up for en bloc sale

    http://www.businesstimes.com.sg/real...r-en-bloc-sale

    One Tree Hill Garden to be up for en bloc sale

    Reserve price of about S$70m translates to S$1,792 psf; plot may be redeveloped into 10 semi-Ds, 3 bungalows

    Friday, January 13, 2017

    by Kalpana Rashiwala
    kalpana@sph.com.sg
    @KalpanaBT


    A BOUTIQUE prime freehold residential development site in District 10 will come on the market when the collective sale of One Tree Hill Garden is launched within the next week.

    BT understands that the reserve price in the collective sale agreement signed by the majority owners of the three-storey walk-up apartments is about S$70 million. This translates to S$1,792 per square foot based on the land area of 39,063 square feet. An architect has been appointed by the owners to verify the building's existing gross floor area and to ascertain the development baseline for the property, which will determine whether or not a development charge is payable to the state.

    The site is zoned for residential use within a two-storey semi-detached area in the Urban Redevelopment Authority's Master Plan 2014. Potentially, the plot may be redeveloped into a new project comprising 10 semi-detached houses and three bungalows.

    On site are 13 apartments ranging from 1,916 sq ft to 4,682 sq ft.

    Based on the reserve price for the proposed collective sale, the owners are expected to receive 60 per cent more for their units than if they were to sell their units individually.

    One Tree Hill Garden, which was built more than two decades ago, is less than 500 metres from the future Orchard Boulevard Station on the Thomson-East Coast Line.

    The site also boasts triple road frontage - towards One Tree Hill, Jalan Arnap and Jalan Kelawar.

    In the past two years, three old semi-detached houses in the vicinity with site areas of between 3,391 sq ft and 4,628 sq ft have been sold at S$1,679-2,097 psf.

    Knight Frank is handling the collective sale of One Tree Hill Garden.

  2. #2

    Default Freehold residential site near Orchard Rd for sale

    http://www.straitstimes.com/business...rd-rd-for-sale

    Freehold residential site near Orchard Rd for sale

    Jan 18, 2017

    One Tree Hill Gardens has price tag of at least $72.8m, can be redeveloped into landed homes

    Wong Siew Ying


    A blue-chip freehold residential site near Orchard Road that can be used for landed homes has been put on the market with a price of at least $72.8 million.

    One Tree Hill Gardens comprises six maisonettes and seven apartments in a three-storey block on a site spanning 3,629.1 sq m or 39,063 sq ft.

    Marketing agent Knight Frank said the asking price works out to a land cost of $1,864 per sq ft.

    The Straits Times understands that each owner could reap around $4 million to $11.5 million from the deal, depending on the size of their property. Units at the development off Orchard Boulevard range from 1,916 sq ft to 4,682 sq ft.

    The site, which is bounded by One Tree Hill, Jalan Arnap and Jalan Kelawar, could be redeveloped into a combination of 13 detached and semi-detached houses.

    Knight Frank expects the site to garner "strong interest" in view of its prime location and relatively affordable investment size.

    Mr Ian Loh, head of investment and capital markets at Knight Frank, said: "We continue to see very strong interest for redevelopment opportunities... Sizeable residential redevelopment sites for landed homes are rarely available."

    One Tree Hill Gardens is in an enclave comprising landed homes and high-end apartments.

    Knight Frank noted that it is only around 300m from the upcoming Orchard Boulevard MRT station on the Thomson-East Coast Line.

    Demand for redevelopment sites has been brisk recently as developers look to build up their land banks. Three prime residential redevelopment plots - in Grange Road, Cuscaden Walk and Hullet Road - were sold via tender in November to separate developers for a total of $190.5 million.

    Land-hungry developers also dipped into the collective sale market last year, with en-bloc deals struck for such sites as Raintree Gardens in Potong Pasir, Shunfu Ville near Marymount MRT station and Harbour View Gardens in Pasir Panjang Road.

    The tender for One Tree Hill Gardens closes at 3pm on Feb 28.

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