A collective sale is said to have been linked for the freehold Fortredale at Tanjong Rhu. The price is believed to be about $65 million, which works out to about $1,342psf ppr.
The buyer is a low-profile Chinese developer which is developing a project in the Balestier area.
The en bloc sale of Fortredale – which has a freehold land area of 23,020sqft – was brokered by CB Richard Ellis through a tender which closed on March 29.
Market watchers expect the transaction to provide a price benchmark and pave the way for the en bloc sale of Austral View next door, which is on a site of 30,540sqft and also being marketed by CBRE.
Analysts say they would not be too surprised if the same party that is buying Fortredale also emerges as the buyer of Austral View, as it would then be able to amalgamate the two sites into a combined freehold land area of about 53,560sqft.
The combined plot could then be potentially redeveloped into a new condominium project with a total gross floor area of about 112,476sqft. This would be sufficient for a project with about 108 units averaging 1,000sqft, say analysts.
Both the Fortredale and Austral View sites are zoned for residential use with a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and 24-storey maximum height under Master Plan 2008.
* Report courtesy of The Business Times today.
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