Austral View at Tanjong Rhu, on a 30,540sqft site, was sold for $81 million through a collective sale to a Chinese developer which last month picked up the adjacent Fortredale (click on below for our previous post about the collective sale for Fortredale).
http://sgproptalk.blogspot.com/2011/04/en-bloc-news-fortredale-sold-for-65.html
Austral View’s sale is subject to approval from the Strata Titles Board. CB Richard Ellis brokered the sale of the property, which works out to $1,342psf ppr inclusive of an estimated Development Charge (DC) of slightly over $5 million. The unit land price is the same as that achieved for next-door Fortredale, which was transacted at $65 million.
If amalgamated, the two freehold sites will result in a total freehold land area of 53,560sqft – sufficient for a new condo development of about 108 units averaging 1,000sqft. Both the Fortredale and Austral View sites are zoned for residential use with a 2.1 plot ratio and 24-storey maximum height under Master Plan 2008.
Source: The Business Times
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