Published 1 March 2011
The Business Times
THE Fortredale, a freehold residential site located in the Tanjong Rhu Road/ Meyer Road area, has been put up for sale by public tender.
This is the second time that the development, which is located next to another recently-launched site called Austral View, is being put up for collective sale.
Marketing agent CB Richard Ellis (CBRE) said The Fortredale was sold in 1996 to T3 Investments Ltd. The current majority owners of the project have, however, 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 2,138.6 sq m, or 23,020 sq ft, site is $70 million or $1,350 psf per plot ratio (inclusive of the 10 per cent balcony area).
Under the 2008 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.1, and a permissible building height of up to 24 storeys.
CBRE reckons that at the proposed asking price, potential buyers can expect to break even at about $1,800 psf.
‘Recent caveats in some new projects like the Aalto and The Seafront@ Meyer have hit above $2,200 psf,’ said Charles Hoon, CBRE’s director, investment properties.
The sale site offers an unobstructed sea view and, if combined with Austral View which was launched by CBRE two weeks ago, the amalgamated site will have a land area of about 53,560 sq ft. Gross floor area is estimated at 112,450 sq ft.
The Tanjong Rhu/Meyer Road area is a well-established residential estate located near the downtown Central Business District and the Marina Bay Sands integrated resort.
The tender for The Fortredale closes on March 29, 2011, at 3pm.