Fernwood Towers, a District 15 freehold property has launched for collective sale on 12th September 2018.
The owners of the property have set a reserve price of $688 million which comes to $1,540 psf ppr. ERA Realty the marketing agents of the sale revealed this recently.
The freehold estate presently houses 216 apartment units and was completed in 1990s. It occupies land area of 148,963 square feet and has been classified for residential use in the 2014 Master Plan.
The site has 3.0 gross plot ratio and if the 10% bonus balcony area is accounted for, the land rate would further fall to $1,400 psf ppr.
It must be mentioned that the developer wouldn’t have to bear any additional development charges for intensifying land use. As per the marketing agent, the site holds potential to redevelop it into a 446,889 square feet GFA property factoring in the plot ratio.
Fernwood Towers is just opposite of its neighbour Mandarin Gardens which is still collecting owners’ signature in order to reach 80% requirement. The owners have set their reserve price at S$2.48 billion which is the 2nd Largest Collective Sale.
Just recently Pandan Valley made headlines news, during Extraordinary General Meeting, 66% owners have voted for S$2.6 billion as their reserve price. Thus setting “New En Bloc Record Price” and also joining En Bloc Billion Dollar Club.
Around 400 meters away from Fernwood Towers is Laguna Park, which has launched for collective sale at a massive price of S$1.48 billion. The ex-HUDC 99-yr leasehold property measures 669,484 square feet and tender close on 1st November.
At the same month, Quek Hock Seng Construction bag 3 Telok Kurau bungalows for $37.89 million, the sale was brokered by JLL Singapore.
K16 Development acquired Pomex Court in June for S$37.6 million. The freehold site is near to upcoming Paya Lebar Central (PLC)
Fernwood Towers is located between the junction of Marine Parade Road and Siglap Road. The site is advantageously located with many great amenities and is in the vicinity of the under-development new MRT line, Siglap MRT station. This new station (Thomson-east coast line) will be completed around 2023.
It will make the freehold site more attractive to the buyers and at the same time push up the property price. Needless to say, it will add convenience to the residents living around it. Proximity to MRT station is of course inside developer’s checklist.
The freehold property is also close to Parkway Parade Shopping Mall, East Coast Park as well as Siglap commercial hub. It is short drive from Changi International Airport, Marina Bay Sands, Central Business District and has educational institutions such as Victoria School, Victoria Junior College and Tao Nan Primary School near it.
ERA Realty’s spokesperson said that Fernwood Towers’ site offers great view of the sea on its southern end and unobstructed views on the north where there are mostly landed properties.
Jeremy Rikas Chiu Division Director at ERA Realty Network Group added that this site can easily be redeveloped into an swanky condo project that can yield as many as 590 apartment units of 753 square feet average size.