There is indeed a resurgence of the collective sale market last year that continues to fire up this year with the successful sale of the first deal which is One Tree Hill Garden.
Knight Frank, the marketing agent of One Tree Hill Garden said that a unit of Lum Chang Group has purchased the freehold residential site near the Orchard Road.
He also added that the price of the property has a land rate of around $1,664 per square ft.
Considerable interests were received from the developers as well as contractor-developers because it is known to be the only significant redevelopment site that is close to the Orchard Road.
This is according to the head of investment and capital markets of Knight Frank Singapore, Mr. Ian Loh.
Despite the fact that the price of the property has reduced and fallen short of the given guided price which is 72.8 million, it still shows that owners have still earned from selling their units.
Owners can receive an amount of $4.3 million up to $9.1 million each that will depend on the size of their unit.
According to Knight Frank, the marketing agent of One Tree Hill Garden, the two-storey semi-detached property can be possibly transformed into eight semi-detached homes with five bungalows or to 10 semi-detached homes with three bungalows.