Source: TODAY,Thursday,July 26,2007
SAVILLS Singapore is hoping to get at least $180 million, or $2,477 per square foot (psf) per plot ratio, for the collective sale of Trendale Tower, the firm said yesterday.
Its expressions-of-interest exercise closed on June 20, and the property, sitting on 21,709 sq ft of land at 79 Cairnhill Road, is now up for collective sale. The offer closes on Aug 21 at 3pm.
“This redevelopment site will probably appeal to the mid-sized boutique developer, who will probably want a slice of luxury market within the Scotts area. At less than
$200 million, I would say it is fairly affordable,” said the firm’s investment
sales director Steven Ming.
Under the 2003 Master Plan, the land has a 2.8 plot ratio, but Savills expects to get approval for a higher gross floor area of 6,753.2 sq m to be built, meaning the developer may not need to pay additional development charges.
Developers could potentially build 36 2,000-sq-ft apartments, although any project will be subjected to a height restriction of 36 storeys.
The new project, Savills said, could sell for between $3,500 psf and $3,600 psf.
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