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17 May 2007
Two more central sites up for en bloc sale
TRENDALE Tower at Cairnhill Road and Lincoln Lodge, off Newton Road, have been put up for collective sale.
For Trendale Tower, the indicative guide price stated by marketing agent Savills Singapore is $160 million, or $2,200 per square foot of potential gross floor area. However, the reserve price set by the owners is said to be around $150 million, which works out to about $2,064 psf per plot ratio. No development charge is payable for the 21,709 sq ft freehold site at 79 Cairnhill Road.
''Subject to approval from relevant authorities, the redevelopment site will enjoy a permissible gross floor area of 6,753.2 square metres (72,691 sq ft), exceeding the permissible plot ratio of 2.8 as indicated in the 2003 Master Plan. Therefore, no development charges are payable,'' according to Savills. The Trendale Tower site can be redeveloped into a new 36-storey project with about 36 units averaging 2,000 sq ft.
The expression of interest for Trendale Tower closes on June 20.
As for Lincoln Lodge, it has a $188 million price tag, reflecting a unit land price of $1,122 psf of potential gross floor area inclusive of an estimated $413,000 development charge.
Lincoln Lodge, just behind United Square, has a freehold land area of 59,984 sq ft and is zoned for a 2.8 plot ratio (ratio of maximum potential gross floor area to land area). It has a 36-storey height limit.
The buyer of Lincoln Lodge could potentially apply to purchase adjoining state land totalling 2,405 sq ft, which would lower the overall unit land price to around $1,100 psf per plot ratio, according to Newman & Goh, which is marketing Lincoln Lodge. The tender for Lincoln Lodge closes on June 20.
Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.
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