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mr funny
07-03-11, 17:03
http://www.businesstimes.com.sg/sub/suite/story/0,4574,428283-1299009540,00.html?

Published March 1, 2011

The Fortredale up for collective sale for the second time


THE Fortredale, a freehold residential site located in the Tanjong Rhu Road/ Meyer Road area, has been put up for sale by public tender.

This is the second time that the development, which is located next to another recently-launched site called Austral View, is being put up for collective sale.

Marketing agent CB Richard Ellis (CBRE) said The Fortredale was sold in 1996 to T3 Investments Ltd. The current majority owners of the project have, however, decided to put the development up for another collective sale.

If successfully sold, this will be the only residential site to benefit twice from such sales.

The asking price for the 2,138.6 sq m, or 23,020 sq ft, site is $70 million or $1,350 psf per plot ratio (inclusive of the 10 per cent balcony area).

Under the 2008 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.1, and a permissible building height of up to 24 storeys.

CBRE reckons that at the proposed asking price, potential buyers can expect to break even at about $1,800 psf.

'Recent caveats in some new projects like the Aalto and The Seafront @ Meyer have hit above $2,200 psf,' said Charles Hoon, CBRE's director, investment properties.

The sale site offers an unobstructed sea view and, if combined with Austral View which was launched by CBRE two weeks ago, the amalgamated site will have a land area of about 53,560 sq ft. Gross floor area is estimated at 112,450 sq ft.

The Tanjong Rhu/Meyer Road area is a well-established residential estate located near the downtown Central Business District and the Marina Bay Sands integrated resort.

The tender for The Fortredale closes on March 29, 2011, at 3pm.

Leeds
04-04-11, 12:27
Business Times - 04 Apr 2011
Fortredale said to have been sold for $65 million

Price for collective sale of Tanjong Rhu freehold site works out to $1,342 psf ppr
A COLLECTIVE sale is said to have been inked for the freehold Fortredale at Tanjong Rhu. The price is believed to be about $65 million, which works out to about $1,342 per square foot per plot ratio.
The buyer is a low-profile Chinese developer which is developing a project in the Balestier area.
The en bloc sale of Fortredale - which has a freehold land area of 23,020 sq ft - was brokered by CB Richard Ellis through a tender which closed on March 29.
Market watchers expect the transaction to provide a price benchmark and pave the way for the en bloc sale of Austral View next door, which is on a site of 30,540 sq ft and also being marketed by CBRE.
Analysts say they would not be too surprised if the same party that is buying Fortredale also emerges as the buyer of Austral View, as it would then be able to amalgamate the two sites into a combined freehold land area of about 53,560 sq ft.
The combined plot could then be potentially redeveloped into a new condominium project with a total gross floor area of about 112,476 sq ft. This would be sufficient for a project with about 108 units averaging 1,000 sq ft, say analysts.
Both the Fortredale and Austral View sites are zoned for residential use with a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and 24-storey maximum height under Master Plan 2008.
Fortredale's en bloc sale would mark the second time the site is being sold through a collective sale. It was previously sold through an en bloc sale in 1996 to T3 Investments Ltd, which redeveloped the site to the existing 18-storey, 32-unit project and sold it upon completion to a unit of Poh Lian Holdings in August 1999 for $38.5 million or $825 psf on the project's net saleable area of 46,673 sq ft.
Poh Lian subsequently marketed the units individually. And the current majority owners of the project decided to put the development up for another collective sale.
When Fortredale was completed in the late 1990s, it became a landmark for the location, at the corner of Tanjong Rhu and Fort roads, with its interesting use of green and blue glass. It bagged a bronze award in the Singapore Institute of Architects-ICI's Colour Awards in 1999 for best use of colour in architecture.
Collective sales shined in the Singapore property investment sales market in the first quarter of this year. There were at least four such transactions in Q1 of over $100 million each - compared with only three such deals between 2008 and 2010.





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bargain hunter
04-04-11, 15:28
this project was completed in late 90s? if tear down and rebuild is such a waste of resources! + it won awards for design? :doh:

http://condo.singaporeexpats.com/condo-details-FORTREDALE.htm

it even has a tennis court for 32 units!

francophile
04-04-11, 15:48
Agree the place looks really new to me-and the layout was really efficient-1300 sq ft with private lift and a decent maids room and it did not feel cramped.I don't know how they did it.Shame really.

mr funny
04-04-11, 18:43
http://www.businesstimes.com.sg/sub/news/story/0,4574,433190,00.html?

Published April 4, 2011

Fortredale said to have been sold for $65 million

Price for collective sale of Tanjong Rhu freehold site works out to $1,342 psf ppr


A COLLECTIVE sale is said to have been inked for the freehold Fortredale at Tanjong Rhu. The price is believed to be about $65 million, which works out to about $1,342 per square foot per plot ratio.

http://www.businesstimes.com.sg/mnt/media/image/launched/2011-04-04/BT_IMAGES_KRFORT4.jpg
Fortredale: Deal likely to be a benchmark for the sale of Austral View next door

The buyer is a low-profile Chinese developer which is developing a project in the Balestier area.

The en bloc sale of Fortredale - which has a freehold land area of 23,020 sq ft - was brokered by CB Richard Ellis through a tender which closed on March 29.

Market watchers expect the transaction to provide a price benchmark and pave the way for the en bloc sale of Austral View next door, which is on a site of 30,540 sq ft and also being marketed by CBRE.

Analysts say they would not be too surprised if the same party that is buying Fortredale also emerges as the buyer of Austral View, as it would then be able to amalgamate the two sites into a combined freehold land area of about 53,560 sq ft.

The combined plot could then be potentially redeveloped into a new condominium project with a total gross floor area of about 112,476 sq ft. This would be sufficient for a project with about 108 units averaging 1,000 sq ft, say analysts.

Both the Fortredale and Austral View sites are zoned for residential use with a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and 24-storey maximum height under Master Plan 2008.

Fortredale's en bloc sale would mark the second time the site is being sold through a collective sale. It was previously sold through an en bloc sale in 1996 to T3 Investments Ltd, which redeveloped the site to the existing 18-storey, 32-unit project and sold it upon completion to a unit of Poh Lian Holdings in August 1999 for $38.5 million or $825 psf on the project's net saleable area of 46,673 sq ft.

Poh Lian subsequently marketed the units individually. And the current majority owners of the project decided to put the development up for another collective sale.

When Fortredale was completed in the late 1990s, it became a landmark for the location, at the corner of Tanjong Rhu and Fort roads, with its interesting use of green and blue glass. It bagged a bronze award in the Singapore Institute of Architects-ICI's Colour Awards in 1999 for best use of colour in architecture.

Collective sales shined in the Singapore property investment sales market in the first quarter of this year. There were at least four such transactions in Q1 of over $100 million each - compared with only three such deals between 2008 and 2010.