The requested news item does not exist. Please return to News
Owners looking at offers in excess of minimum price of $315 million
Singapore, 31 AUGUST 2016 - Raintree Gardens, a 175-unit river fronting residential development in the Potong Pasir area, has just been lauched for sale by tender by sole marketing agent JLL.
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 sq ft. Under the 2014 Master Plan, it is zoned 'Residential' with a gross plot ratio (GPR) of 2.8.
Said Mr Nicholas Ng, Local Director, Capital Markets, JLL: "This site presents a unique offering as it enjoys a direct frontage of over 200 metres onto the Kallang River and could potentially be rebuilt into a 600 to 748-unit waterfront condominium. With the Kallang Park Connector right on its doorstep, it also provides a popular cycling/jogging/walking path to most parts of Singapore including the CBD."
He added: "In addition, upcoming communal and commercial developments and amenities planned at the nearby Bidadari Estate are likely to bring excitement and vibrancy which will spill over and add value to the area. A Market Square, bus interchange, two commuinity malls and a 10ha Bidadari Park comprising the new Alkaff Lake will all be within reach via the park connector. Flats in the Bidadari Estate have been extremely popular due to their central location, with over 20,000 applications for 3,733 flats. 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."
More than 80 per cent of Raintree Garden's owners have inked their consent to the collective sale, with expectation of offers in excess of their minimum price of $315 million. This minimum price translates to a land rate of approximately $759 psf per plot ratio (psf/pr) on the potential GFA, inclusive of differential premium payable to the State to top up the lease to a fresh 99 years and for intensification of site. At this rate, the estimated breakeven cost for the successful purchaser should be around $1,250 psf, with the new units expected to fetch in the region of $1,450 psf.
"Raintree Gardens has many attractive attributes - central location and connectivity, unblocked views with lush and verdant mature trees surrounding the site, and the long river front frontage along the park connectors, the green veins of our city in a garden, which allows future residents to easily connect to amenities and recreational options to other parts of the island," Mr Ng commented.
The site is a short walk to Potong Pasir MRT Station on the North East Line, which is conveniently connected to many attractions and just four stops away from Dhoby Ghaut MRT Station and Interchange.
The tender exercise for Raintree Gardens closes on Wednesday, 5 October 2016 at 2.30pm.
– ends –
Note to Editors:
A high-resolution image of Raintree Gardens is available here
+65 9650 3761
+65 9681 0111