Trendale Tower was listed for sale in August with a suggested price of S$178 million, which works out to S$2,386 psf per plot ratio after factoring in the 7% bonus GFA for balconies.
THE collective sale for Trendale Tower, a freehold residential site with a target price of S$178 million, ended on Tuesday (Sep 13) with no bids.
The Business Times (BT) is aware that the sellers are in private treaty negotiations with certain parties.
The site was marketed for sale in August by Savills for S$178 million, which works out to S$2,386 per square foot per plot ratio after factoring in the 7% extra gross floor area (GFA) for balconies. The development expense for the 7% additional GFA is estimated to be around S$6.4 million.
The development was originally placed for sale with a reserve price of S$163.52 million in May 2018, but no one bid.
The structure has a verified GFA of 72,691 square feet (sq ft) – or an equivalent gross plot ratio of about 3.34 – and rests on about 21,708 square feet of land. It is also classed as “residential” in the Urban Redevelopment Authority’s 2019 Master Plan, with a gross plot ratio of 2.8 and a height control of up to 36 storeys.
A pre-application feasibility assessment is not required by the Land Transport Authority for the redevelopment of up to 103 units.
Trendale Tower, located in the upscale Cairnhill neighborhood, is a 20-story building with 18 apartments measuring 298 square meters each (about 3,208 sq ft). Newton MRT station is a short walk away, and Anglo-Chinese School (Primary) and EtonHouse International Pre-School are also within a one-kilometer radius.
Galven Tan, Savills’ deputy managing director (investment sales and capital markets), recently claimed that the stock of high-quality, premium buildings is “extremely low,” and that developers may cater to this segment of consumers by acquiring Trendale Tower.
5 Oxley Rise and Oxley Garden are two other projects whose tenders just expired without a sale. The owners of freehold 5 Oxley Rise anticipated offers in excess of S$300 million and have subsequently initiated private discussions with a few parties.
Oxley Garden, which is located next to 5 Oxley Rise, was asking for at least S$200 million. The owners aim to relaunch their en-bloc sale, according to BT.
While you wait for a new enbloc construction, you can visit the present forthcoming development next to Lentor Modern known as Lentor Hills Residences on Lentor. The development will have 600+ residential units ranging from one to five bedrooms.
The future residents of Lentor Hills Residences will be able to take advantage of the mall, MRT, and bus interchange located below. We are looking for people to sign up for a viewing of the Lentor Hills Residences showflat, which will be open soon.