Raintree Gardens up for sale en bloc

Raintree Gardens, built in the late 1980s, comprises 175 units across two 12-storey and one seven-storey mansionette blocks.
Raintree Gardens, built in the late 1980s, comprises 175 units across two 12-storey and one seven-storey mansionette blocks.ST PHOTO: KUA CHEE SIONG

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.

A version of this article appeared in the print edition of The Straits Times on September 01, 2016, with the headline 'Raintree Gardens up for sale en bloc'. Print Edition | Subscribe