Trendale Tower is within the highly desirable Cairnhill residential enclave at the edge of the Orchard Road shopping belt. (Picture: Savills Singapore)
SINGAPORE (EDGEPROP) - The owners of Trendale Tower at 79 Cairnhill Road have launched a collective sale tender of the freehold site for $178 million. The collective sale of the property is currently marketed by Savills Singapore.
The development sits on a 21,708 sq ft site that is zoned residential with an allowable plot ratio of 2.8 under the latest master plan. The site has a height control limit of 36 storeys. The existing development consists of a 20-storey residential block with 18 apartments of 3,206 sq ft each.
The guide price translates to $2,386 psf per plot ratio, after factoring in the 7% bonus gross floor area (GFA) for balconies. The development charge payable for bonus balcony GFA is about $6.4 million, says Savills.
According to a press release on Aug 11 by 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 if the new development consists of 103 apartments, says Savills.
Using EdgeProp's Landlens analytics tool, there have only been a handful of enbloc transactions in the area and only one new launch in the vicinity. (Map: EdgeProp Singapore)
Trendale Tower is within the highly desirable Cairnhill residential enclave at the edge of the Orchard Road shopping belt. 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.
It is also close to healthcare developments and medical precincts including Mount Elizabeth Medical Centre and the upcoming Health City Novena. Schools in the vicinity include Anglo-Chinese School (Primary), Singapore Chinese Girls’ School, and St Joseph’s Institution.
“Given Trendale Tower’s proximity to Newton MRT Station and the site’s location at the doorstep of Orchard Road, we expect keen interest from developers. The palatable deal quantum further expands the pool of buyers,” says Galven Tan, deputy managing director, investment sales & capital markets at Savills Singapore.
He adds that the stock of available luxury developments in the Cairnhill area is “extremely low” and this collective sale is an opportunity for developers to acquire a prime residential site.
The public tender for this collective sale closes on Sept 13.