The third grandest collective sale of property of 2016- The Raintree Gardens in Potong Pasir was sold for $334.2 million dollars after being bid for by five plus developers. Its first public tender got launched on the very first day of September, 2016. The reserve price of the estate was $315 million dollars. Yet the deal was sealed on October 6th, 2016 for a way higher cost after 80 percent of the workers agreed. The plot was first privatised in July 2014. Many owners who had privatised back then acquired almost around $1.9 million each!
The Tre Ver by UVD Projects UOL Group Limited
Among the top three bidders for the plush estate for Tre Ver, the winner was the UVD project, result of the joining hands of the UOL group and United Industrial Corporation. The deputy group chief of UOL, Mr. Liam Wee Sin, stated his virtuous motive behind chasing this HUDC estate. The UOL group had looked forward to “ride” on the Bidadari site. While UVD was looking forward to develop the 201,405 square feet land to house almost 750 units! In total, the venture of the two developers had come up with the plan of paying about $797 per square feet per plot ratio, including the paid premium for topping up the leash to a fresh 99 years period. The gross plot ratio for re-development of the site was 2.8.
The Tre Ver Condo by UOL Development Singapore
The director of R’ST Research, Mr. Ong Kah Seng, had prophesied the tug on the Potong Pasir area for Tre Ver UOL Group. He looked to the price of the estate as realistic even if it was a bit high. He called the costing- “price bearing a little optimism.” He had also predicted that with such a comeback of collective sales, developers will eagerly chase sites at the periphery of the city. Yet on the basis of the preference of few developers for government sites, Mr. Desmond Sim, CBRE’s research head encouraged people to form collective sales committees, keeping in mind about the benefit of location of any site.
As for the Raintree Gardens, it can be called a sheer work of luck. The committee for Tre Ver Raintree Gardens admits itself as a beginner and confess that they were quite surprised at the response of the developers. They were quite astonished to see so many renowned groups combating for the estate. It is evident that the location of the plot was prime and exquisite.
The Tre Ver Potong Pasir Avenue 1 Singapore
The leading two estates of that year were Shunfu Ville, sold for a mega cost of $638 million in May, the other was the Harbour view Gardens in August, sold for $33.25 million. The Shufnu Ville and Raintree Gardens were brokered by JLL.
This article compacts and brings forth to you the expert’s views, the grand exchange of digits, the top developers and the charming luck of an estate that had a total cost of $105 million in the 90’s. This deal marked the grand return of collective sales in the recent market. Real estate broking, dealing and exchange is a dicey matter of opportunity and even if the plot is small it might turn out to be a game changer due to its key location or a tint of luck, as in the surprising case of The Raintree Gardens.