Savills Singapore has announced the commencement of an expressions of interest exercise for the collective sale of Trendale Tower.
The 25-year-old freehold development sits on a 21,709-sq-ft plot at 79 Cairnhill Road.
“Subject to approval from the relevant authorities, the redevelopment site will have a permissible gross floor area of 6,753.2 sq m, exceeding the permissible plot ratio of 2.8 as indicated in the 2003 Master Plan. Therefore, no development charges are payable,” said Savills in a statement.
A new development comprising 36 apartment units averaging 2,000 sq ft each can be built on this site. The project will also be subjected to a height restriction of 36 storeys.
“The aggressive bidding for prime residential sites reinforces bullish views developers have of the residential market going forward,” said Mr Steven Ming, director of investment sales at Savills Singapore.
Trendale Tower, he added, provides boutique and mid-sized developers with an opportunity to develop it into an ultra-luxurious apartment block.
Trendale Tower is situated in the Scotts and Cairnhill area and is within walking distance of both the Newton and Orchard MRT stations.
Trendale Tower has an indicative price guide of $160 million, and Savills estimates that a new luxury development on the site could fetch about $3,400 psf to $3,500 psf.
The expressions of interest exercise closes on June 20 at 3pm.
Across town, Colliers International successfully sold Fairways Condominium collectively for $244.3 million to Bukit Sembawang View. The figure works out to $785psf per plot ratio, and that includes the development charge and state land alienation cost.
Owners of the 108 apartments and townhouses will get between $1.35 million and $4.3 million each, reflecting a collective sale premium of more than 60 per cent.
Source: Weekend Today, 19 May 2007