The en bloc bidding for Trendale Tower was closed without receiving any offers
The en bloc bidding for Trendale Tower was closed without receiving any offers
Sep 16, 2022
On Tuesday (September 13), the collective sale tender for the freehold residential site Trendale Tower, which had been put up for sale at a reference price of S$178 million, was brought to a conclusion without any bids being submitted.
However, the sellers are now engaging in discussions with a number of parties about private treaty negotiations.
After taking into account the seven percent extra gross floor area (GFA) for balconies, the property was listed for sale by the exclusive marketing agency Savills in the month of August for the price of S$178 million. This price equates to a price of S$2,386 per square foot per plot ratio. Approximately S$6.4 million is the amount of the development fee that must be paid for the 7% bonus GFA.
The development had been placed up for sale before in May 2018, with a reserve price of S$163.52 million; however, no buyers were interested in purchasing it at that time.
The building has a gross floor area (GFA) that has been validated to be 72,691 square feet (sq ft) and rests on a land area that is about 21,708 sq ft. The comparable gross plot ratio is around 3.34. In addition to this, the Urban Redevelopment Authority's 2019 Master Plan categorises the land as "residential." The maximum gross plot ratio that is permitted on the property is 2.8, and it has a height limit of up to 36 stories.
The Land Transport Authority does not require a pre-application feasibility assessment for the site's conversion into up to 103 units. This is one of the exceptions to the rule.
Featuring 18 apartments that are each 298 square metres in size, the 20-story skyscraper known as Trendale Tower can be found in the exclusive Cairnhill neighbourhood (about 3,208 sq ft). The Newton MRT station is within walking distance, and there are a number of schools, such as Anglo-Chinese School (Primary) and EtonHouse International Pre-School, located within a radius of one kilometre.
Previously, Galven Tan, the deputy managing director of investment sales and capital markets at Savills, had mentioned that the stock of high quality, luxury developments is "extremely low." He also mentioned that developers could cater to this segment of buyers with the acquisition of Trendale Tower.
Other projects, such as 5 Oxley Rise and Oxley Garden, have had their tenders terminated without a successful sale taking place. The owners of the freehold property located at 5 Oxley Rise were anticipating offers of more over S$300 million, and they have since engaged in discussions with a number of interested parties behind closed doors.
The property known as Oxley Garden, which is located right next door to 5 Oxley Rise, was looking for a minimum of S$200 million. According to BT's understanding, the owners want to renew their en-bloc sale in the near future.
