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Leonie Gardens up for collective sale at $800m

Posted by propertynews on May 26, 2018
| May
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The Leonie Gardens condominium is up for collective sale with a reserve price of $800 million.

The price translates to $2,104 per sq ft based on existing gross floor area (GFA), 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 closes at 3pm on June 21.

Leonie Gardens in Leonie Hill in District 9 has 71 years left on its 99-year lease.

It has 138 units, with a total strata area of 324,972.90 sq ft, a gross floor area of 410,431.80 sq ft and a plot ratio of 2.8.

Marketing agent Huttons Asia said it can be developed into around 540 units of about 70 sq m each, or 380 units of about 100 sq m each.

It may be 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. But a charge of about $44 million will be levied if the additional 10 per cent balcony space is utilised.

Meanwhile, the 120-unit Lakeside Apartments in the Jurong Lake District has also joined the collective sale fray with a reserve price of $240 million.

This translates to around $1,057 psf ppr after adding the estimated $58 million lease top-up quantum and development charge.

These fees are subject to confirmation, said marketing agent SLP International.

The tender will likely begin early next month, with the tentative closing date on July 17.

Lakeside Apartments, which is in Yuan Ching Road, has a land area of 134,176 sq ft and a gross plot ratio of 2.1. SLP International said the site could accommodate a development of 24 storeys. The 99-year leasehold property was completed in the 1970s.

Source from The Straits Times – 26 May 2018

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