The sale price is less than the over $72.8 million that owners initially expected. (Photo: Knight Frank)
One Tree Hill Gardens off Orchard Boulevard has been sold for $65 million to a subsidiary of construction and property development company Lum Chang Group, said marketing agent Knight Frank on Friday (5 May).
The sale price translates to a land rate of approximately $1,664 psf, which is less than the over $72.8 million ($1,864 psf) that owners initially expected.
According to Knight Frank, this is the first en bloc deal of 2017, and the first involving a freehold landed-zoned site since Milton Court in June 2013.
The approximately 39,063 sq ft site, which currently houses a three-storey building comprising six maisonettes and seven apartments, was put up for sale in January this year. Under the Master Plan 2014, the site is zoned for residential, two-storey semi-detached use.
“During the course of marketing, the development received considerable interest from developers as well as contractor-developers, as this is the only sizable landed redevelopment site within close vicinity of Orchard Road,” said Ian Loh, Executive Director & Head of Investment and Capital Markets, Knight Frank Singapore.
The agency will now focus its attention on marketing Rio Casa, a privatised HUDC estate along Hougang Avenue 7. Launched for collective sale last month, the owners of the 286-unit river-fronting estate are expecting offers above $450.8 million.
The tender for Rio Casa will close on 23 May 2017.