Owners of Trendale Tower in prime Cairnhill enclave asking for S$163.5m in collective sale
ANOTHER residential development in the prime Cairnhill enclave of District 9 has been put up by its owners for collective sale.
Trendale Tower, a 20-storey freehold development housing 18 apartments of 298 sq m each, has been launched for sale with a reserve price of S$163.52 million on Wednesday.
This translates to a land rate of S$2,250 per square foot per plot ratio (psf ppr) over a verified gross floor area of 72,690 sq ft (or equivalent gross plot ratio of approximately 3.34).
Its breakeven pricing is estimated around S$3,000 psf, said its marketing agent Savills Singapore.
The neighbouring 61-unit Cairnhill Mansions was sold at a land rate of S$2,311 psf ppr in a collective sale in February this year to Low Keng Huat (Singapore).
Another nearby freehold development Cairnhill Astoria will be launched for collective sale on Thursday via public tender for S$196 million, or a land rate of S$1,964 psf ppr if an estimated development charge of S$16.34 million is factored in.
Located along Cairnhill Road near its junction with Scotts Road, Trendale Tower occupies a land area of 2,016.8 sq m (or 21,708 sq ft). It was completed in the 1980s, enjoying good connectivity to expressways, and is within walking distance to the Newton MRT Interchange station for the North-South Line and Downtown Line.
Under the 2014 Master Plan, the Trendale Tower site is zoned for residential use with a gross plot ratio of 2.8. Subject to approvals from the relevant authorities, the plot may be developed up to 36 storeys with an allowable gross floor area of 6,753.2 sq m (72,690 sq ft) with no development charge.
"Trendale Tower presents an attractive offering for developers to acquire a Core Central Region site with spectacular views of the Orchard skyline and lush green of Goodwood Hill at an affordable investment quantum," said Suzie Mok, senior director of Investment Sales at Savills Singapore who is handling the sale. "With interest building up in the high-end residential segment, this site offers long-term strategic value and capital value upside potential."
"Prices for prime properties in Singapore are recharging itself for a major upward push. In this new pricing regime, benchmark prices achieved in the 2007-2012 period are either matched or perhaps re-rated higher," said Alan Cheong, head of research at Savills Singapore.
The tender for Trendale Tower will close at 3 pm on June 25.
Source from The Business Times 16 May 2018