Singapore (EdgeProp) – The owners of Trendale Tower at 79 Cairnhill Road have launched a collective sale tender for the freehold site for $178 million. Savills Singapore is actively marketing the property's collective sale.
The property is situated on a 21,708 sq ft residentially zoned land with a permissible plot ratio of 2.8 under the most recent master plan. The location has a 36-story height restriction. The current development consists of a 20-story residential building with 18 units of 3,206 square feet each.
After adding in the 7% bonus gross floor area (GFA) for balconies, the suggested price converts to $2,386 psf per plot ratio. According to Savills, the development charge for additional balcony GFA is around $6.4 million.
According to a press statement issued by Savills on August 11, the site where Trendale Tower is located has a GFA and development baseline of 72,691 sq ft for each, based on URA's GFA verification and development baseline record. According to Savills, if the new complex has 103 flats, the LTA does not require a pre-application feasibility assessment.
Trendale Tower is located on the outskirts of the Orchard Road shopping district in the highly prestigious Cairnhill residential enclave. Because of its central location, it is close to private clubs such as Tanglin Club and The American Club, as well as dining and entertainment venues such as Newton Food Centre, Dempsey Hill, and Emerald Hill.
It is also near medical developments and districts such as Mount Elizabeth Medical Centre and the future Health City Novena. Anglo-Chinese School (Primary), Singapore Chinese Girls' School, and St Joseph's Institution are all nearby schools.
"Given Trendale Tower's proximity to Newton MRT Station and the site's vicinity to Orchard Road, we anticipate strong interest from developers." "The appealing deal magnitude broadens the pool of purchasers even further," says Galven Tan, deputy managing director, investment sales and capital markets at Savills Singapore.
He goes on to say that the supply of available luxury developments in the Cairnhill area is "very low," and that this collective sale is an opportunity for developers to obtain a desirable residential site.
This collective sale's public tender concludes on September 13.
Credits: EdgeProp Singapore