Leonie Gardens is located close to the Orchard and Somerset MRT stations, as well as the upcoming Great World station in River Valley Road.
Leonie Gardens, a 138-unit condominium in prime District 9, was launched for collective sale on Saturday (26 May) with a reserve price of $800 million, according to marketing agent Huttons Asia.
This translates to $2,104 psf based on the property’s existing gross floor area (GFA) of 410,431.80 sq ft, or a lower $2,021 psf if the 10 percent bonus balcony space is taken into account to increase its GFA to 449,031.63 sq ft, subject to approval.
The 145,789.49 sq ft residential site has a plot ratio of 2.8 under the 2014 Master Plan. No development charge is payable as the existing baseline (2.8152) is above the aforementioned plot ratio. But if the bonus balcony space is factored in, the buyer will need to fork out a development charge of around $44 million.
The winning bidder also needs to pay a differential premium of about $63 million to top-up the site’s leasehold tenure to a full 99 years given its remaining term of 71 years.
The existing project can be redeveloped into a new condominium of about 380 units averaging about 1,076 sq ft, or 544 units averaging around 753 sq ft.
Situated at Leonie Hill, the site is a short distance from the Orchard and Somerset MRT stations, as well as the upcoming Great World station in River Valley Road.
The tender exercise for Leonie Gardens will close on 21 June.