Fortune Park up for collective sale from $115 mil

By Valerie Kor / EdgeProp Singapore | March 3, 2021 2:55 PM SGT
Fortune Park - EDGEPROP SINGAPORE
Fortune Park is a freehold 10-storey residential block at 109 Tampines Road (Photo: ERA Realty Network)
SINGAPORE (EDGEPROP) - Fortune Park, a freehold 10-storey residential block at 109 Tampines Road, will be up for collective sale through public tender by ERA Realty Network at an indicative price of $115 million to $118 million. The development charge is not payable because of the high baseline. The price translates to $1,140 to $1,170 psf per plot ratio, after factoring the bonus gross floor area of 7%.
The 44,878 sq ft site has a gross plot ratio of 2:1 according to the URA Master Plan 2019. It can potentially be developed to have a gross floor area of 94,245 sq ft, yielding 88 units.
The location is near the heart of Kovan MRT Station and Heartland Mall. Nearby schools include Holy Innocents Primary and Secondary School, Serangoon Secondary School and Xinghua Primary School.
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Fortune Park’s tender closes on April 22, 2.30pm.