Two residential estates in Singapore are hitting the market via separate en bloc sales for a combined reserve price of S$1.04 billion, The (Singapore) Business Times reported.
Owners of the 138-unit Leonie Gardens in Singapore's District 9 are placing the estate on the market for a collective sale via Huttons Asia at a reserve price tag of S$800 million, translating to a value of S$2,104 per square foot for the existing gross floor area of 410,431.80 square feet or S$2,021 per square foot per plot ratio in case of a 10% balcony space addition, subject to approval.
The property's 99-year leasehold expires Sept. 14, 2089, the May 25 report noted. The estate could be developed into 380 condominium units or 544 condominium units, with an additional development charge of approximately S$44 million for the addition of the 10% balconies.
The tender for the site is slated to close June 21, 3:00 p.m. Singapore time.
The 120-unit Lakeside Apartments at Yuan Ching Road is on the block with a reserve price of S$240 million, or approximately S$1,057 per square foot per plot ratio after the addition of a roughly S$58 million lease top-up quantum and development charge, the publication noted, citing the property's marketing agents SLP International.
The two-tower asset has a site area of 134,176 square feet, which has a potential development height of 24 floors, with a gross plot ratio of 2.1, subject to approval.
