Raintree Gardens launched for collective sale at $315 mil
By Tan Chee Yuen
/ JLL |
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Raintree Gardens, a 175-unit former HUDC residential development fronting Kallang River in Potong Pasir, has been launched for sale by tender. According to JLL, the appointed marketing agent for the collective sale, the minimum guide price for Raintree Gardens is in excess of $315 million. The guide price translates into $759 psf ppr, inclusive of differential premium payable to the government to top up the lease to 99 years and for intensification of site. According to JLL, more than 80% of Raintree Gardens’ owners have agreed to the collective sale.
The development comprises two 12-storey maisonette blocks and one 7-storey maisonette block. It was completed in the late 1980s. The property sits on a land area of 201,405 sq ft with a gross plot ratio of 2.8, based on URA’s Master Plan 2014. JLL estimates that up to 748 units could be built on the site, with the break-even cost coming in at $1,250 psf. The new units are expected to be priced in the $1,450 psf region.
The tender exercise for Raintree Gardens closes on Oct 5.
The minimum guide price for Raintree Gardens is in excess of $315 million.
Source: JLL
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