Trendale Tower relaunches collective sale tender at lower reserve price of $168 mil
/ EdgeProp Singapore |
Trendale Tower is within the highly desirable Cairnhill residential enclave at the edge of the Orchard Road shopping belt. (Picture: Savills Singapore)
SINGAPORE (EDGEPROP) - Freehold residential development Trendale Tower, located along Cairnhill Road, has been relaunched for collective sale at a lower price of $168 million, according to a Dec 16 press release by marketing agent Savills Singapore. The site was previously launched for collective sale tender on Aug 11 with a reserve price of $178 million, which closed on Sept 13.
The revised reserve price works out to $2,257 per plot ratio after factoring in the 7% bonus gross floor area (GFA) for balconies. The development charge payable for the bonus GFA is approximately $7.6 million, says Savills.
Trendale Tower is a 20-storey development in the Cairnhill residential enclave, close to the Orchard Road shopping belt. It has 18 apartments of 3,208 sq ft each. The development, completed in the 1980s, sits on a 21,708 sq ft site zoned for residential use with a height control of up to 36-storeys.
According to Savills, based on URA’s GFA verification and development baseline record, the site where Trendale Tower is situated has a GFA and development baseline of 72,691 sq ft for both. A pre-application feasibility study is not required by LTA for a site redevelopment of up to 103 apartments.
Galven Tan, deputy managing director, investment sales & capital markets notes that the future owner of the site will be able to develop and launch a project in 12 to 15 months' time. “It is increasingly rare for freehold sites in Orchard with strong locational attributes to become available for sale,” he adds.
A search on EdgeProp's LandLens analytics tool shows that recent launches in the area include Cairnhill 16 and Klimt Cairnhill (Source: EdgeProp LandLens)
Trendale Tower is located 500m away from the Newton MRT Interchange Station, which serves the North South and Downtown lines. Its central location makes it close to private clubs like Tanglin Club and The American Club, as well as dining and entertainment locations such as Newton Food Centre, Dempsey Hill, and Emerald Hill.
The tender closes on Thursday, Jan 12 at 3pm.
Check out the latest listings near Trendale Tower, Newton MRT Interchange Station
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