Tender for the site closes on February 28.
A freehold landed residential redevelopment site bounded by One Tree Hill, Jalan Arnap and Jalan Kelawar is no up for sale by tender, according to Knight Frank.
One Tree Hill Garden is a freehold three-storey residential development comprising six maisonettes and seven apartments, with a site area of 3,629.1 sqm., which is approximately 39,063 sq ft. Knight Frank said under the 2014 Master Plan, it is zoned for use under “Residential, 2-storey Semi-detached” and can potentially be redeveloped into a combination of 13 detached houses and semi-detached houses.
Knight Frank executive director & head of investment and capital markets Ian Loh said the site is in close proximity to the Orchard Road shopping belt and the upcoming Orchard Boulevard MRT station.
“The immediate vicinity is predominantly residential in nature, comprising landed housing as well as high-end condominium and apartment developments,” he said.
The owners of the site are expecting offers of above $72.8 million, which translates to a land rate of approximately $1,864 psf.
““We continue to see very strong interest for redevelopment opportunities – in the past two months alone, three prime residential redevelopment sites at Grange Road, Cuscaden Walk and Hullet Road were transacted. In addition, sizeable residential redevelopment sites for landed homes are rarely available, thus One Tree Hill Garden is expected to attract strong interest in view of its location and relatively affordable investment size,” Loh added.
The tender for One Tree Hill Gardens closes on February 28.