Previously launched for collective sale in December 2022 and March 2023, the 999-year leasehold development sits atop a 7,837 sq m (approximately 84,357 sq ft) elevated site amid an enclave of low-rise landed housing. This well-situated property is relaunching at the same guide price of S$175 million, equating to S$2,058 per sq ft per plot ratio or S$2,074 per sq ft on land area.

Ms Tang Wei Leng (邓慧玲), Managing Director and Head of Capital Markets & Investment Services, Colliers Singapore said: “Following the second tender close, an Extraordinary General Meeting was called and the resolution to reduce the reserve price down from S$175 million was passed. We are in the process of getting the owners to sign the Supplemental Collective Sale Agreement for a lower reserve price.”

This four-storey residential development is situated within an area safeguarded for two-storey semi-detached housing, as stipulated in the Designated Landed Housing Area plan under the 2019 Master Plan. Subject to conditions, the Urban Redevelopment Authority has advised that the site may also be restored back to the approved flats building.

Ms Tang adds, “Having the flexibility to develop either landed housing or apartments would provide greater appeal for the prospective buyer. The strong demand of landed residential housing coupled with the low supply has resulted in a 5.9% price increase for landed properties in the 1^st quarter of 2023. Since the 14-unit One Tree Hill Collection was the only new landed residential launch in District 10 in recent years, this site presents developers the opportunity to conceptualise living spaces that cater to the evolving needs of homeowners in Singapore’s most esteemed residential enclaves.”

“Considering the site’s development baseline, the future developer can construct to 112,710 sq ft of landed built-up area without incurring any land betterment charges” continues Ms Tang.  

The public tender for the subject site closes on Monday, 10 July 2023, at 5pm.