216-unit Fernwood Towers up for en bloc sale at $688m
It can be redeveloped into a condo project of 590 units.
Fernwood Towers in District 15 will be put up for en bloc sale at 12 September 2018 with an asking price of $688m or $1,540 psf ppr, ERA Realty revealed.
According to an announcement, the 216-unit freehold development built in the 1990s sits on a land area of approximately 148,963 sqft and is zoned for residential use with a gross plot ratio of 3.0 under the Master Plan 2014. With a 10% balcony bonus factored in, the land rate would be $1,400 psf ppr.
To maximise the plot ratio potential of 3.0, no development charge is payable. Subject to the relevant authorities' approval, it can be redeveloped up to a gross floor area of 446,889 sqft, reflecting an equivalent plot ratio of 3.0.
Fernwood Towers has access to the upcoming MRT line and other lifestyle amenities such as the East Coast Park, Parkway Parade shopping mall, and the Siglap commercial hub. It is also close to Tao Nan Primary School, Victoria Junior College and Victoria School, and Changi International Airport.
“The site offers sea views to the south and unblocked views to the north overlooking the surrounding low rise landed properties,” ERA Realty said.
ERA Realty Network group division director Jeremy Rikas Chiu added, “The future development can potentially be rebuilt into an upscale condominium project of over 590 units, assuming an average apartment size of 753 sqft.”