Completed back in 1993, the 99-year leasehold residential development Leonie Gardens, situated in District 9 of Singapore have formed a sales committee for its very first attempt at a collective sale.
Leonie Gardens is sitting on a site area of around 14,000 square metres (sq m), which relatively close to City Development Ltd (CDL)’s latest new launch freehold luxury project, New Futura.
The 24-year old condo comprises a total of 138 residential apartments spread across 2 towers of 23 floors and size of the apartments at Leonie Gardens are relatively large, ranging from 1,730 sq ft to 4,300 sq ft.
It was noted that units were priced between S$830,000 to S$1.8 million (or around S$419 – S$505 psf) back in the 1990s.
According to a member of the Leonie Gardens sales committee, the current plot ratio of the condo site is 2.8, which can be further redeveloped to a height of up to 36 storey.
On top of that, the Leonie Gardens is situated at the highest point of Leonie Hill and is within close proximity to the Orchard Road shopping belt, Somerset and also the upcoming Great World City MRT Station.
Property consultants have cautioned that property developers will explore various options within the Leonie Hill precinct – such as other similar aged freehold developments, or go ahead with tendering for the Jiak Kim Street GLS (government land sale), which may end up as a much more feasible investment option for them.
In terms of pricing, market watchers have suggested that developers will likely take reference from the sales figure concluded at the nearby OUE Twin Peaks, in order to determine the right bid for the en bloc of Leonie Gardens.
It was also reported that the ongoing en bloc fever have stoked more private property owners to enter the fray over the weekend, with the likes of Nim Gardens (situated at Seletar Hills), Ridgewood condo (at Mt. Sinai) and Dover Parkview (at Dover Crescent) making plans and forming sales committees to hop on the collective sale bandwagon.