A view of Leonie Gardens, a 99-year leasehold development completed in 1993 which comprises 138 units.
The owners of upmarket condominium Leonie Gardens in Leonie Hill, off Grange and River Valley roads, have jumped into the collective sale bandwagon by forming a sales committee at an extraordinary meeting held on 30 September, reported the Straits Times.
More than 50 percent of the owners who attended the meeting were in favour of the sale.
Nestled on a 14,000 sq m site, Leonie Gardens comprises two 23-storey blocks as well as an eight-storey block. Completed in 1993, the 99-year leasehold property is located near the Somerset, Orchard and upcoming Great World City MRT stations.
Industry watchers, however, noted that having a unique selling point could prove to be the key to a successful sale considering the possibility of more estates within the Core Central Region going for en bloc sale.
Michael Tan, a member of the sales committee at Leonie Hills, said the development’s good points are that it is located “right at the top of the hill, and the slope up Leonie Hill is so pleasant and charming, away from the thoroughfare”.
Aside from this, the site’s plot ratio of 2.8 allows tower blocks to rise up to 36 storeys, said Tan.
Edmund Tie & Company research head Dr Lee Nai Jia believes that developers may consider the site given that 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?”