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reporter2
08-09-16, 19:05
http://www.straitstimes.com/business/property/raintree-gardens-up-for-sale-en-bloc

Raintree Gardens up for sale en bloc

Sep 1, 2016

Rennie Whang


Raintree Gardens in Potong Pasir was put up for sale en bloc yesterday with a minimum asking price of $315 million.

The privatised Housing and Urban Development Company estate, which was built in the late 1980s, comprises 175 units across two 12-storey and one seven-storey maisonette blocks, with a land area of about 201,405 sq ft. It is zoned for residential use with a gross plot ratio of 2.8 under the Urban Redevelopment Authority's 2014 Master Plan.

"This site presents a unique offering as it enjoys a direct frontage of over 200m onto the Kallang River," said Mr Nicholas Ng, local director of capital markets at JLL, the sole marketing agent. A new project on the site could host about 600 to 748 units, he noted.

The upcoming community and commercial amenities at the nearby Bidadari estate, and the estate's proximity to the Potong Pasir MRT station are other selling points.

Its minimum land price works out to about $759 per sq ft (psf) per plot ratio on the potential gross floor area, inclusive of a differential premium to be paid to the Government to top up the lease to a fresh 99 years and charges to intensify the site's use. The estimated break-even cost would be around $1,250 psf, while new units could be priced at about $1,450 psf, JLL said.

The site could draw even stronger demand than Shunfu Ville in Marymount as it will have a lower quantum sum, market watchers said. Shunfu Ville was sold en bloc for $638 million in May.

Elsewhere, Roxy-Pacific said yesterday that it has entered into a conditional agreement to buy Harbour View Gardens en bloc for $33.25 million. The 30,745 sq ft site in Pasir Panjang Road has an existing plot ratio of 1.4 for residential apartment development.

The tender for Raintree Gardens closes on Oct 5.

reporter2
08-09-16, 19:12
http://www.businesstimes.com.sg/real-estate/former-hudc-estate-in-potong-pasir-up-for-collective-sale

Former HUDC estate in Potong Pasir up for collective sale

Sep 1, 2016


RAINTREE Gardens, a 175-unit residential development in Potong Pasir, has just been launched for collective sale.

The tender was put up by JLL on Wednesday, after more than 80 per cent of Raintree Gardens owners by development share value and strata area gave their consent to the collective sale.

They are expecting a minimum price of S$315 million or about S$1.8 million per unit, which translates to S$759 per square foot per plot ratio on the potential gross floor area, inclusive of differential premium payable for a lease top-up to a fresh 99 years and for site intensification.

This implies a breakeven cost of about S$1,250 psf for the developer, with the new units to be built on the site likely to fetch prices in the region of S$1,450 psf, JLL said.

The tender for Raintree Gardens, which closes on Oct 5 at 2.30pm, follows the landmark sale of Bishan's Shunfu Ville to Qingjian Realty for S$638 million in May. But most industry players are not ready to call this a revival in collective sales yet.

Built in the late 1980s, Raintree Gardens comprises two 12-storey mansionette blocks and one 7-storey mansionette block, with land area of approximately 201,405 square feet. Under the 2014 Master Plan, it is zoned residential with a gross plot ratio of 2.8.

"This site presents a unique offering as it enjoys a direct frontage of over 200 metres of the Kallang River and could potentially be rebuilt into a 600 to 748-unit waterfront condominium," said Nicholas Ng, local director of capital markets at JLL.

"We believe that Raintree Gardens will be an attractive and unique site for developers keen to replenish their land bank in a mature estate that is centrally located, yet with new amenities and infrastructure being planned around it," Mr Ng added.

There will be upcoming communal and commercial developments and amenities planned at the nearby Bidadari Estate, where recently launched HDB flats under the built-to-order programme were highly popular.

The site is also a short walk to Potong Pasir MRT Station on the North-East Line. A market square, bus interchange, two community malls and Bidadari Park will be within reach via the Kallang Park Connector.