A boutique prime freehold residential development site in District 10 will come on the market when the collective sale of One Tree Hill Garden is launched within the next week.
BT understands that the reserve price in the collective sale agreement signed by the majority owners of the three-storey walk-up apartments is about S$70 million. This translates to S$1,792 per square foot based on the land area of 39,063 square feet. An architect has been appointed by the owners to verify the building's existing gross floor area and to ascertain the development baseline for the property, which will determine whether or not a development charge is payable to the state.
The site is zoned for residential use within a two-storey semi-detached area in the Urban Redevelopment Authority's Master Plan 2014. Potentially, the plot may be redeveloped into a new project comprising 10 semi-detached houses and three bungalows.
On site are 13 apartments ranging from 1,916 sq ft to 4,682 sq ft.
Based on the reserve price for the proposed collective sale, the owners are expected to receive 60 per cent more for their units than if they were to sell their units individually.
One Tree Hill Garden, which was built more than two decades ago, is less than 500 metres from the future Orchard Boulevard Station on the Thomson-East Coast Line.
The site also boasts triple road frontage - towards One Tree Hill, Jalan Arnap and Jalan Kelawar.
In the past two years, three old semi-detached houses in the vicinity with site areas of between 3,391 sq ft and 4,628 sq ft have been sold at S$1,679-2,097 psf.