In what is the first collective sale this year, Lum Chang Holdings Limited is acquiring One Tree Hill Gardens for S$65 million, below the owners’ asking price of S$72.8 million.
This translates to a land rate of S$1,664 per square foot (psf), based on the site area of 3,629.1 sq m (39,063 sq ft).
The option to purchase was exercised on Friday, and the transaction is subject to approval from the Strata Titles Board.
The site is located at the junction of One Tree Hill and Jalan Arnap. It enjoys easy access to Orchard Road, and is within 300 m from the upcoming Orchard Boulevard MRT station along the Thomson-East Coast Line.
“The board believes that the proposed acquisition presents a rare opportunity to acquire such a sizeable piece of real estate in the prime Orchard Road area,” the group said on Friday.
“The Lum Chang Group intends to redevelop it to residential landed homes for sale,” it added.