Leonie Gardens up for collective sale at $800 million

By
/ EdgeProp Singapore
|
May 26, 2018 12:00 AM SGT
The 138-unit Leonie Gardens, located on the highest point of Leonie Hill, has been put up for sale. The property sits on a 145,790 sq ft site with a 99-year lease from 1990. Hence it has 71 years left on its lease.
Located in prime District 9, Leonie Gardens is within walking distance of the Orchard Road shopping strip. The site has an existing gross floor area (GFA) of 410,432 sq ft, and under the Master Plan 2014, it can be redeveloped into a new residential property with a plot ratio of 2.8.
Leonie Gardens is making its first collective sale attempt (Credit: Samuel Isaac Chua/EdgeProp Singapore)
The reserve price for the property is $800 million or $2,104 psf per plot ratio (ppr) based existing GFA. There is no development charge as the current baseline exceeds the plot ratio of 2.8 under the Master Plan 2014. If the additional 10% balcony space is utilized however, development charge is estimated to be about $44 million, and GFA will be increased to 449,032 sq ft. This will bring the unit land price to $2,021 psf ppr. A differential premium of $63 million is payable to top-up the lease back to 99 years.
ADVERTISEMENT
According to Huttons Asia, the marketing agent for the collective sale of Leonie Gardens, the site could be redeveloped into a new private condominium of 544 units, assuming an average unit size of 70 sq m (753 sq ft); or 380 units, if the average new unit size is about 100 sq m (1,076 sq ft). The tender for the site will close on Thursday, June 21.
Adjacent to Leonie Gardens is the 210-unit Horizon Towers, which is attempting a collective sale 11 years after the last attempt.