The latest private residential property to hit the en bloc market is Leonie gardens. Sitting between Grange road and River Valley road, it sits on prime land. Leonie gardens resides at the top of the hill away from the hustle and bustle of Orchard road. But it is close enough to the city centre and exclusive enough to command high prices.
Prime location commands high prices
The site is also near the Orchard, Somerset and upcoming Great World City MRT stations and malls such as Ion Orchard. Though known for its reddish hues, going en bloc is aligned with the government’s plans to rejuvenate the area. The 99-year leasehold property was completed in 1993 and had a Hawaiian theme. At that time, prices were higher than other apartments in district 9.
Freehold options in vicinity may affect bidding
The 138 units ranged from 1,730 Sq ft to 4,300 Sq ft and were priced between $830,000 and $1.8 million. The site now has a plot ratio of 2.8 and can go up as high as 36 storeys. While developers may be enticed by the prime location, the availability of options may affect bidding, especially if there are freehold sites nearby. For example, the Zouk site on Jiak Kim Street.
As the market watches the comings and goings of the collective sale sector, more en bloc offerings could come onto the table. Developers do not seem to have had their fill but could it be simply a matter of time and timing? This is likely a time of filling land banks. And then a time of construction. And selling and buying.