SINGAPORE - 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 per cent 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 per cent 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 per cent 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.