Leonie Gardens to try to join collective sale fray

This article is more than 12 months old

It is now almost a case of another day, another estate going en bloc. The latest to join the fray looks like Leonie Gardens in Leonie Hill, which is off Grange and River Valley roads.

The upmarket condominium has made a move for its first collective sale attempt with the formation of a sales committee.

However, with the strong possibility of more estates in the core central region also going for a collective sale jackpot, industry observers said it is about having a unique selling point.

Mr Michael Tan, a member of the sales committee, told The Straits Times one of Leonie Gardens' good points is that it is "right at the top of the hill, and the slope up Leonie Hill is so pleasant and charming, away from the thoroughfare".

Leonie Gardens comprises two 23-storey blocks and an eight-storey block on a 14,000 sq m site. It is near the Orchard, Somerset and upcoming Great World City MRT stations.

Mr Tan noted the District 9 site has a plot ratio of 2.8, which allows tower blocks to rise as high as 36 storeys.

The sales committee was formed on Sept 30 at an extraordinary general meeting, with more than 50 per cent of those who attended in favour of the collective sale exercise. It also closed a tender last Thursday for a marketing agent and solicitor.

The 99-year leasehold property has 138 units and was completed in 1993.

Dr Lee Nai Jia, head of research at Edmund Tie & Company, said: "Developers will consider the site as the location is good, but whether the pricing fits their requirement is another thing. They will consider (whether) there is a freehold plot nearby. If it is about getting a 99-year site, why not consider Jiak Kim Street instead, with its Zouk identity?" - THE STRAITS TIMES