Savills Singapore is pleased to announce the launch for sale by tender the collective sale of Trendale Tower located along Cairnhill Road near its junction with Scotts Road.
Occupying a land area of 2,016.8 sq m (or 21,708 sq ft), the 20-storey freehold development accommodates 18 apartments of 298 sq m each. Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8. Subject to approvals from the relevant authorities, the plot may be developed up to 36 storeys with an allowable gross floor area of 6,753.2 sq m (or 72,690 sq ft) with no development charge.
Completed in the 1980s, Trendale Tower is conveniently located within the prestigious Scotts/Cairnhill residential enclave, a stone’s throw from luxurious residential developments such as Ritz Carlton Residences, Reignwood Hamilton Scotts and Scotts Tower. The site enjoys good connectivity to expressways and is also a stroll to the Newton MRT Interchange station for the North-South Line and Downtown Line.
Nestled in the heart of the highly desirable Orchard Road residential enclave, the development site is close to reputable schools such as ACS (Junior and Primary), SJI Junior as well as Singapore Chinese Girls’ Primary School. It is within minutes’ walk to Orchard Road shopping icons such as The Paragon, Knightsbridge, Ion Orchard and Ngee Ann City.
The Collective Sale of Trendale Tower has a Reserve Price of S$163.52 million which translates to a land rate of S$2,250 psf ppr over a verified Gross Floor Area of 72,690 sq ft (or equivalent gross plot ratio of approximately 3.34). Breakeven is estimated around $3,000 per sq ft. In comparison, the neighbouring Cairnhill Mansion was transacted at a land rate of $2,311 psf ppr in February 2018.
“Trendale Tower presents an attractive offering for developers to acquire a Core Central Region site with spectacular views of the Orchard skyline and lush green of Goodwood Hill at an affordable investment quantum. With interest building up in the high-end residential segment, this site offers long term strategic value and capital value upside potential” said Suzie Mok, senior director of Investment Sales at Savills Singapore who is handling the sale.
“Prices for prime properties in Singapore are recharging itself for a major upward push. In this new pricing regime, benchmark prices achieved in the 2007-2012 period are either matched or perhaps re-rated higher.” commented Alan Cheong, head of research at Savills Singapore.
The en bloc tender for Trendale Tower will close at 3 pm on 25 June 2018.