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Leonie Gardens up for collective sale at $800m

The Leonie Gardens condominium is up for collective sale with a reserve price of $800 million.

The price translates to $2,104 per sq ft based on existing gross floor area (GFA), or $2,021 per sq ft per plot ratio (psf ppr) if a 10 percent balcony space is included, subject to approval.

The tender closes at 3pm on June 21.

Leonie Gardens in Leonie Hill in District 9 has 71 years left on its 99-year lease.

It has 138 units, with a total strata area of 324,972.90 sq ft, a gross floor area of 410,431.80 sq ft and a plot ratio of 2.8.

Marketing agent Huttons Asia said it can be developed into around 540 units of about 70 sq m each, or 380 units of about 100 sq m each.

It may be possible to have a 10 percent balcony space added, increasing the area to 449,031.63 sq ft.

No development charge is payable as its existing baseline is above the current plot ratio of 2.8. But a charge of about $44 million will be levied if the additional 10 percent balcony space is utilised.

Meanwhile, the 120-unit Lakeside Apartments in the Jurong Lake District has also joined the collective sale fray with a reserve price of $240 million.

This translates to around $1,057 psf ppr after adding the estimated $58 million lease top-up quantum and development charge.

These fees are subject to confirmation, said marketing agent SLP International.

The tender will likely begin early next month, with the tentative closing date on July 17.

Lakeside Apartments, which is in Yuan Ching Road, has a land area of 134,176 sq ft and a gross plot ratio of 2.1. SLP International said the site could accommodate a development of 24 storeys. The 99-year leasehold property was completed in the 1970s.

Sources by The Straits Times

Leonie Gardens launched for sale en bloc with $800m reserve price; as is Lakeside Apartments at $240m

Huttons Asia announced on Friday (May 25) that it is launching Leonie Gardens for collective sale by tender with a reserve price of $800 million.

The reserve price translates to $2,104 per sq ft based on existing gross floor area, or $2,021 per sq ft per plot ratio (psf ppr) if a 10 percent balcony space is included, subject to approval.

The tender will close at 3pm on Thursday, June 21.

Leonie Gardens, located at 23, 25 and 27 Leonie Hill in District 9, has 71 years remaining on its 99-year leasehold, which expires on Sept 14, 2089.

The condo consists of 138 units, with a total strata area of 324,972.90 sq ft and a gross floor area of 410,431.80 sq ft.

The site is zoned residential under the Urban Redevelopment Authority Master Plan 2014, with a plot ratio of 2.8. According to Huttons, it can be developed into 544 condominium units averaging at about 70 sq m each, or 380 condominium units at about 100 sq m each.

Subject to approval, it is possible to have a 10 percent balcony space added, increasing the area to 449,031.63 sq ft.

No development charge is payable as its existing baseline is above the current plot ratio of 2.8. However, a development charge of about $44 million will be levied if the additional 10 percent balcony space is utilised.

Meanwhile, Lakeside Apartments has also joined the collective-sale fray with a reserve price of $240 million, which translates to around $1,057 psf ppr after adding the estimated $58 million lease top-up quantum and development charge.

The estimated lease top-up and development charges are subject to confirmation, said marketing agent SLP International.

The agent added that the public tender would likely begin in early June, with the tentative closing date set for July 17.

Lakeside Apartments, located in Yuan Ching Road in the Jurong Lake District, has a land area of 134,176 sq ft and consists of 120 units in two towers.

It is zoned for residential use with a gross plot ratio of 2.1.

SLP International said the site has the potential development height of 24 storeys, subject to approval. The 99-year leasehold property was completed in the 1970s.

Sources by The Straits Times

Balestier Regency up for collective sale at $218m

Balestier Regency, a 72-unit condominium complex off Balestier Road, was launched for collective sale by tender yesterday, with a minimum expected price of $218 million, Teakhwa Real Estate said.

The indicative price translates to a land rate of $1,264.90 per square feet per plot ratio (psf ppr), including a development charge of $1.35 million.

The land price will fall to about $1,220.90 psf ppr if the 10 percent bonus balcony area is included, Teakhwa said.

The 61,952 sq ft freehold residential site has a plot ratio of 2.8, and an allowable height of up to 36 storeys.

If approved by the authorities, the maximum allowable gross floor area of 173,409 sq ft could potentially yield about 230 apartments, with an average size of 753 sq ft per unit for the new condo development, Teakhwa said.

The property is located next to Shaw Plaza, a five-storey shopping mall that houses Shaw Theatres, a FairPrice supermarket, and fast-food outlets like McDonald’s.

It is also located within 1km of Hong Wen School, and within 2km of St Joseph’s Institution (Junior) and CHIJ Toa Payoh. The nearest MRT stations are Novena and Toa Payoh MRT stations.

Mr Sieow Teak Hwa, managing director of Teakhwa Real Estate, said: “For its central city location, freehold tenure, huge land size and undemanding land rate expectation, we can expect strong developer interest for this attractive site.”

The tender for Balestier Regency closes on June 21.

Sources by The Straits Times

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