Freehold District 9 apartment block Cavenagh Fortuna on the market for $60 mil
Cavenagh Fortuna has just 26 units in the development (Photo: Samuel Isaac Chua/EdgeProp Singapore)
A freehold residential block along Cavenagh Road has been launched for sale at a guide price of $60 million. The property, Cavenagh Fortuna, has 26 apartments held by a single owner in Singapore’s prime District 9. It is offered for sale by expression of interest, which will close on July 15.
Located across the road from The Istana grounds, the property occupies a freehold site of 29,095 sq ft in one of the city’s most tightly held residential enclaves.
The main entrance of Cavenagh Fortuna leads to the basement carpark (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The pathway leading to the main entrance (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Bridges linking the upper floors of the apartment block (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The launch comes amid continued investor interest in centrally located freehold residential assets with repositioning potential and stable income visibility, notes Nicholas Ng, executive director of JLL, the exclusive marketing agent for the property.
The $60 million guide price works out to $2,599 psf based on the property’s net lettable area of 23,089 sq ft, or $1,979 psf based on its gross floor area of 30,324 sq ft.
Refurbished a decade ago
Originally completed in 1982, the low-rise development comprises 26 apartments. A refurbishment and façade makeover by Singapore-based Forum Architects, sometime in the late 1990s–2000, earned second prize in the Apartments/Condominiums category at the 2001 Singapore Institute of Architects (SIA) Design Awards. The project was also recognised with the SIA Façade Design Excellence Award.
The property underwent another extensive refurbishment and façade makeover between 2014 and 2016, with a total capital expenditure of nearly $6 million.
The property underwent an extensive refurbishment in 2016 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The development comprises 13 one-bedroom, 10 two-bedroom and three three-bedroom apartments, with sizes ranging from 570 to 2,282 sq ft. The units have been leased out over the years, and only one apartment is currently vacant following the recent departure of its tenant.
Living area of two-bedroom unit that was recently vacated (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Kitchen of the two-bedroom apartment (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The property achieved an average occupancy rate of 98% between 2021 and 2025.
While the tenants are predominantly foreigners, there are also locals. Tenants are a mix of singles and families, says JLL’s Ng.
Table: URA, EdgeProp SG
Chart: EdgeProp SG
Units held for over 40 years
The land is currently held under two separate lots, with an amalgamation exercise underway to consolidate them into a single title. Wee Swee Teow (WST) LLP has been appointed as the solicitors for the exercise. “We expect this to be completed within the next few months,” says Alan Tan, partner at WST.
A property title search shows that it is held by Goodyear Investments, a Singapore-based private real estate investment firm established in 1973. It is an entity under Nan Fung Group, one of Hong Kong’s largest privately held conglomerates.
Founded in 1954, the group has property developments and investments across Hong Kong, mainland China, London and New York.
Cavenagh Fortuna is Nan Fung Group’s only residential asset in Singapore and has been held under Goodyear Investments for more than 40 years.
‘Multidimensional play’
Ng describes Cavenagh Fortuna as “a multidimensional play” that offers buyers several options. They could engage a co-living operator or lease the units for recurring income while awaiting capital appreciation. Subject to regulatory approval, they could also explore a change of use to serviced apartments.
A one-bedroom unit that is currently tenanted (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Alternatively, the site presents a redevelopment opportunity. The site is zoned “residential” with a plot ratio of 2.1 under the URA Master Plan 2025. JLL estimates it could potentially be redeveloped into a new low-rise project with about 40 units.
Above and below: One of the three-bedroom loft units at Cavenagh Fortuna
Cavenagh Fortuna is one of just a handful of freehold, low-rise apartment developments along Cavenagh Road. It is situated about 700m from The Centrepoint shopping mall, which has an underground pedestrian link to the Somerset MRT Station (North-South Line).
First major sale opportunity in a tightly held enclave
The last new project launch along the Cavenagh Road stretch was 15 years ago. It was the 41-unit boutique development Hijauan by Malaysian developer SDB Asia, completed in 2015.
The freehold Hijauan is, in turn, a redevelopment of the former Cavenagh Mansions, which SDB Asia acquired en bloc for $42.38 million in July 2010, according to URA Realis data.
Before the launch of Hijauan, Hiap Hoe debuted the 200-unit Waterscape at Cavenagh in December 2009. The developer had acquired the former Le Chateau in an en bloc deal in 2006 for $46.8 million, followed by the former Clemenceau Court in 2007 for $72 million. The two sites were subsequently amalgamated and redeveloped into Waterscape at Cavenagh, which was completed in 2014.
The latest transaction at Waterscape at Cavenagh was for a 581 sq ft, one-bedroom unit that changed hands for $1.15 million ($1,978 psf), according to a caveat lodged in February 2026.
Meanwhile, at Hijauan, the last transaction was in March 2025, when an 840 sq ft, two-bedroom unit was sold for $1.68 million ($2,001 psf), based on a caveat lodged.
Flexibility of single-title structure
Of the five residential developments along Cavenagh Road, only Cavenagh Fortuna and the neighbouring Cavenagh Lodge are held under single ownership and available solely for lease. The 41-unit Cavenagh Lodge was developed by Far East Organization in 1996.
Cavenagh Gardens, which is next to Cavenagh Lodge, has 172 units on a 128,255 sq ft, freehold plot. The development was completed in 1975. In 2018, the owners mounted a collective sale at a reserve price of $480 million, with JLL as the marketing agent. It was relaunched for sale in 2019 at the same reserve price, which worked out to $1,695 psf per plot ratio (psf ppr), or $1,541 psf ppr after factoring in 10% bonus gross floor area. However, it failed to secure a buyer.
On Cavenagh Fortuna, JLL’s Ng expects the development to appeal to ultra-high-net-worth individuals, family offices, co-living operators and developers. “The single-title structure provides flexibility for legacy and estate planning, as well as future capital recycling,” he says.
The future owner could also apply, subject to regulatory approval, to subdivide the property into individual strata units for sale.
“This would allow the owner to unlock capital progressively or preserve the asset intact across generations,” says Ng.
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