Following the successful collective sale of the former HUDC estate, Shunfuville, earlier this year, yet another such property could be coming into the market soon.
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In May this year, Shunfuville was sold for $638 million. Now, the 175-unit Raintree Gardens on Potong Pasir Avenue 1 which was privatised in July 2014, could also be hoping for similar results as they finally attain their minimum consent level. The 201,405 sq ft site just next to the Kallang River is projected to have an asking price of $430 million, which could mean a potential $1.8 million for each home-owner in the estate. Developers may be drawn to its proximity to the Potong Pasir MRT station and the future Bidadari HDB estate, which could mean a bustling area that could potentially attract new businesses and the development of other amenities as well.
The number of new private condominiums in the Potong Pasir area have been growing steadily, and most have sold well as consumers respond well to the exclusivity and connectivity of the district. One of the most recent launches in the area was that of Poiz Residences. With the St. Andrew’s Village nearby, the site will also be near primary and secondary schools as well as a junior college. It will be an en bloc sale effort worth watching as developers weigh in. One of the considerations developers may have is the length of time between getting the site and being able to start redeveloping it as the procedure in between could take at least 6 months.