Leonie Gardens going for 2nd en bloc attempt asking $800 million

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Located in the prime District 9 of Singapore, Leonie Gardens has relaunched its collective sale tender last month with a whopping $800 million reserve price.

Leonie Gardens En Bloc

Leonie Gardens currently sits on a land area of around 324,972 square feet and has a total gross floor area (GFA) of approximately 410,431 square feet.

The site also has a gross plot ratio of 2.8 and no development charge will be payable as the site’s existing baseline is well above the 2.8 plot ratio. However, a development charge of around $44 million will be incurred if the developer decides to utilize the additional 10 percent balcony space.

The reserve price for Leonie Gardens will work out to be $2,104 psf based on the existing GFA. The estimates will be further reduced to $2,021 psf ppr if an additional 10 percent of balcony space is being included – which will be subjected to approval from the authorities.

Leonie Gardens has the redevelopment potential to yield 544 new condominium units with an average size of 70 square metres each, or 380 units based on 100 square metres each.

It was noted that the site is situated within the Central Area of Singapore, thus it will not be subjected to the government’s stipulated redevelopment guideline of having an average unit size of no less than 85 square metres for the new project.

In that case, it will allow the property developer to construct smaller homes within the future new launch and keep prices relatively palatable for prospects who are keen to purchase a property in the prime district.

The 138-unit Leonie Hill condo made their first en bloc attempt back in May 2018, however, the tender was closed no bids were received. The CSC committee for Leonie Gardens was formed back in October 2017.

According to the chairman for the collective sale committee (CSC) of Leonie Gardens, the reason for the en bloc relaunch was held back all the way till December 2018 was due to subdued interest after the new property curbs were announced on 06 July 2018.

It was added by the CSC’s chairman that property developers had sufficient time to evaluate the market conditions by judging how some of the nearby new launch condos in the prime district have performed. They include the likes of 3 Orchard By-The-Park and New Futura.

Based on the reserve price of $800 million, every owner at Leonie Gardens will receive a sales proceed from $4.3 million up to $10.2 million.

Completed back in 1993, Leonie Gardens has a balance lease tenure of more than 70 years.

Source Channel NewsAsia

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