The Fortredale up for sale

CB Richard Ellis (CBRE) has put The Fortredale, a prime freehold residential site located at 2 Tanjong Rhu Road, up for sale through a public tender.

With an area of 23,020 sq ft, the site is zoned for residential use under the 2008 Master Plan. It has a 2.1 gross plot ratio and a permissible building height of up to 24 storeys.

The site was previously an en bloc sale site sold by CBRE in 1996 and acquired by T3 Investments Ltd.

“The current majority owners of The Fortredale have decided to put the development up for another collective sale. If successfully sold, this will be the only residential site to benefit twice from such sales. The asking price for The Fortredale is S$70 million or S$1,350 psf per plot ratio (inclusive of the 10 percent balcony area). At this price, a potential buyer can expect to break even at about S$1,800 psf. Recent caveats in some new projects like the Aalto and The Seafront @ Meyer have hit above S$2,200 psf,” said Charles Hoon, Director for Investment Properties at CBRE, the exclusive marketing agent for the tender exercise.

“We expect strong interest from a good pool of both local and foreign developers, contractors and investors. Developers looking for good sites must not miss this opportunity,” added Mr Hoon.

The tender for the site will close on 29 March.

Source : PropertyGuru – 1 Mar 2011