Fernwood Towers, a 216-unit condominium whose construction was completed in 1994, is going for en blocsale at a reserve price of S$688 million.
This price that is inclusive of the development charge results to a land rate of around S$1,572 psf ppr. This information was provided by ERA Realty, an international real estate company listed on the Singapore Stock Exchange.
According to the company’s group division director, Mr. Jeremy Rikas Chiu, there is high expectation that demand for Fernwood Towers will be high, considering the property is in a prime location and is freehold. He says it is his company’s view that the site can be developed into more than 400 units, each 1,000 sq ft on average.
The property has the advantage of being near attractions and shopping malls such as East Coast Park and Parkway Parade, and decent schools such as Victoria School. In addition, according to the 2014 Master Plan, the site has been zoned as residential.
As for size, Fernwood Towers, which is along Marine Parade Road, sits on an expanse of around 148,963 sq ft whose plot ratio is 3.0.
According to ERA, this condo that is situated opposite Mandarin Gardens can be replaced by a new development with GFA measuring 446,889 sq ft, and the developer will only need to pay the required development charge.
Fernwood Towers is not the only En Bloc Mega Sale (Above $500m), there are others which are already in the collective sale market and they are, Pacific Mansion ($938m), Goodluck Garden ($550m), Windy Heights($806.2m) and Tulip Garden ($753m).
Every developer will acknowledge the fact that Location is one big factor which influence them while investing in an En Bloc property. Similar type of properties but located in different areas attract different prices.
In a buyer’s checklist are proximity to MRT stations, accessibility to highways which connect to other parts of the city and connectivity through other public transportation modes like buses.
Fernwood Towers satisfies all of these requirements of a buyer and one can choose this en bloc property without a second thought
Strategically located along Marine Parade Road in Prime District 15
Barely 5 minutes’ walk to upcoming Siglap MRT station which will be completed in 2023
Many bus services just outside the condo
Marina Coastal Expressway which is near to the freehold site, will help to reach to all parts of Singapore
Marina Bay and Central Business District is just few minutes drive away
As every home buyer look for conveniences near their home including good reputed schools, Fernwood Towers is also chosen to be developed in a high rated school’s area which again meet the developer’s requirement.
There is a study which says that people are ready to willing to pay a higher price for the property which is in the high rated school district. Even if there are no school going children in the family, investors choose such an area where there are good schools, as the property attracts much better price in terms of rent and reselling too.
- Victoria School
- Ngee Ann Primary
- St Patrick’s School
- Stephen’s School
- Opera Estate Primary
- Sekolah Indonesia
- CHIJ Katong Convent
- Rosemount International School
- Rosemount Kindergarten
Some of the determining factors for developers while looking for a potential site for redevelopment is nearby conveniences, proximity to wonderful attractions, entertainment, shopping malls, medical facilities and other amenities like banks, petrol pumps etc.
Fernwood Towers is very well located amidst all of the above facilities which any buyer would look for.
For relaxation and leisure, East Coast Park will be the choice. It’s only few mins walk from the condo
For Shopping and Dining, nearest will be Siglap Shopping Centre or Parkway Parade
Many seafood restaurants can be found everywhere
Jewel Changi, amazing stunning glass and steel dome which will completed in 2019 is only few mins drive away
With the help of MCE Expressway, Top attraction Marina Bay Sands can be reach in no time