The Tanjong Rhu freehold plot, Fortredale, has sold for a believed price of around $65 million. This price would mean mean that the property is valued at around $1,342 per square foot.
(Fortedale benchmarks a new price for Singapore property. Image courtesy of Singapore Tourism Board.)
The buyer, a Chinese developer whom, the Straits Times reported, wishes to keep himself out of the spotlight, is also developing a project in the Balestier area.
The sale closed on 29 March, and should provide a benchmark price for similar plots, including that of Austral View situated just next door. Plus, this latter site is being marketed by the same company as Fortredale, CBRE. Market analysts say that the buyer of Fortredale may well purchase Austral View as well, in order to combine the plots and redevelop them into a condominium project with a floorage of 112,476sq ft.
Both of these sites are for residential zone use only, with a limit of 24-story buildings and a 2.1 plot ratio – meaning the ratio of maximum potential gross floor area to land area.
This sale of Fortrevale will be the second time the site has been sold via a collective sale. Previously, it was sold (en-bloc as in this instance) to T3 Investments Ltd in 1996.
Since its completion in the late 1990s Fortredale has been a landmark for the location due to its use of blue and green grass. It even won a bronze award from the Singapore Institute of Architects: the ICI Colour Awards for best use of colour.
Keywords: condominium, Singapore property, Singapore property company, Balestier, Tanjong Rhu, property development.
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