A luxury boutique development with 90 new homes can be created out of the property.
The freehold development Fernhill Court at 60 Fernhill Road, District 10 will be put up for collective sale for $125m via public tender on 16 May 2018, Colliers International revealed.
According to an announcement, the reserve price translates to a land rate of $1,885 psf ppr, after factoring in a development charge of $3.7m. The sale has already had 100% consensus from the owners.
Fernhill Court, built in 1981, is situated next to the Nassim Road, Dalvey Road, and White House Park Good Class Bungalow (GCB) areas.
Colliers International managing director Tang Wei Leng commented, “We expect to see substantial interest in the Fernhill Court tender opportunity due to the scarcity of prime freehold redevelopment sites in the exclusive Fernhill/Orange Grove area and the palatable investment quantum. The site will allow the successful tenderer to create a luxury boutique development comprising 90 new homes with an average size of 750 sqft.”
The site is near the Orchard Road shopping belt, the Shangri-La hotel, and amenities such as the UNESCO World Heritage Site Singapore Botanic Gardens, the Singapore Chinese Girls’ School, Nanyang Primary School, and Anglo-Chinese School (Barker Road).
Nearby Stevens MRT station on the Downtown Line – which will be connected to the upcoming Thomson-East Coast Line in 2021 - also provides easy access to well-known attractions including Fort Canning, Chinatown, Marina Bay Sands, Bugis, Little India, and Botanic Gardens.
The site is also connected to main roads and expressways such as Orchard Road, Stevens Road, Pan Island Expressway and Central Expressway.
Fernhill Court comprises 18 maisonettes with sizes ranging from 2,271 sq ft to 2,982 sq ft. Each owner could stand to receive a minimum of between $6.32m and $8.3m from the successful sale of the development.
Under the Master Plan 2014, the 4530.7 sqm (approximately 48,768 sq ft) site has no plot ratio indication and the building height is subject to detailed control. However, Outline Planning Permission has been submitted for a proposed residential development with a Gross Plot Ratio of 1.4, comprising a 5-storey block and a 2-storey block.
The collective sale tender for Fernhill Court will close at 3 p.m. on 21 June 2018.
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