One Tree Hills Gardens is a Singapore Condo that was not built recently, its completion year being 1988, but it always managed to capture the attention of people that wanted to purchase a beautiful home. Located near large shopping centers, banks, schools, and others, and providing its inhabitants a set of great facilities, it is still a good catch. Perhaps this is why this particular condominium started this year’s collective sale market, being the first deal of this kind in 2017. The En Bloc market resurrected last year and it appears to be continuing to expand in 2017 as well, the One Tree Hills Gardens being a strong proof of this aspect.
The residential complex, consisting in 6 maisonettes and 7 apartments, caught the attention of the Lum Chang Group, the result being that one unit of this particular company ended up buying this freehold condo. $65 million was the price paid by the company’s unit, managing to take this beautiful redevelopment site at a more than fair price. The truth is that many developers were interested in this particular site, because there isn’t something better that is also this close to Orchard Road. The initial price of the property was $72.8 million, so it fell a bit since One Tree Hills Gardens was put out for sale, but, even so, the properties of this redevelopment site managed to gain a nice profit after the deal closed. Each owner of One Tree Hills Gardens will get sums ranging between $4.3 million to $9.1 million, depending on the size of the property they had in the area. The Knight Frank Singapore’s head of investment, Mr. Ian Loh, mentioned that each property in this area got 60% more than the prices estimated for the open market, which means that each owner will walk away more than satisfied with the deal they just got.
The entire redevelopment area has a total of 39,063 sq. ft., with property sizes ranging between 1,916 sq. ft. and 4,682 sq. ft. So, there is plenty of space to plan for the future redevelopment of this residential space. According to a master plan created in 2014, the area was split into two-storey semi-detached residential buildings. But, Knight Frank brings in the idea of building several semi-detached houses and a few bungalows. What will happen with One Tree Hills Gardens, we will just have to wait and see. Most certainly the company that bought it has big plans for it and they will make the news public when they will manage to set all details straight. This is a beautiful area that deserves to be treated accordingly, so let us hope that the area will have a brighter future.
Concerning the way the collective sale market will evolve this year, there is a certainty that it will remain just as active as it was until now. This certitude is fueled by the fact that the Rio Casa, of 286 units, and Eunosville, of 330 units, were both put up to sale in April this year. It appears that home owners see the benefits of the collective market, although developers will surely not rush into making a decision and will always negotiate the best prices.
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