Raintree Gardens En Bloc For $334.2m
Tender closed on 5 Oct 2016. Raintree Gardens at Potong Pasir Avenue 1 has been sold via en bloc to UVD (Projects) which is a joint venture between UOL Group and United Industrial Corporation (UIC). Raintree Gardens is a former HUDC estate which was privatized in July 2014.
The purchase by the joint venture between UOL unit, UOL Venture Investments, and Singland Homes, a subsidiary of developer UIC, will be funded by internal resources.
The residential plot has about 70 years of lease left and has a plot ratio of 2.8 and a good land size of 201,405 sq ft. It comprises two 12-storey mansionette towers and a 7-storey mansionette block with a total of 175 apartments. Sold for $334.2 million, it works out to an approximate land cost of $797 per square foot per plot ratio (psf ppr) based on the potential gross floor area. The sale amount includes the premium payable to the government to top up the lease to a fresh 99 years, and also the development charge to build a new property to a gross plot ratio of 2.8.
The riverfront development could be redeveloped into a new luxurious waterfront Singapore condominium with approximately 600 to 748 units. With its close proximity to the Woodleigh MRT and Potong Pasir MRT stations, convenience to transport nodes is needless to elaborate.
With the successful en bloc of Raintree Gardens, it is the 3rd en bloc sale of the year. The first being sale was done in May 2016 when the 358-apartment Shunfu Ville was sold for $638 million and the 14-apartment Harbour View Gardens was en bloc for $33.25 million in August.