The very first collective sale, or en bloc, of 2017 has been sealed with a Lum Chang Group unit buying One Tree Hill Gardens, a freehold condominium located near Orchard Road, for $65 million.
The en bloc sale of the 29 year old property did not hit the $72 million guide price but owners will still profit as the land rate of roughly $1,664/sq ft means the price of each unit is 60% above open market value.
One Tree Hill Gardens consists of seven apartments and six maisonette units. The sizes of each unit range from 1,916 square feet to 4,682 square feet which means that owners will each get about $4.3 million to $9.1 million in accordance to the unit that they own.
Singapore real estate consultancy Knight Frank says that the 39,063 square feet land area of One Tree Hill Gardens could be redeveloped into eight semi-detached houses and five bungalows or ten semi-detached houses with three bungalows.
RECOVERY OF EN BLOC SALES IN THE FUTURE
After a slump in the collective sales market in the past 3 years, it is set for a recovery this year as the vibe surrounding en bloc sales have taken a turn for the better recently. Just a month ago, two more condominium properties were put up for sale – Eunosville and Rio Casa.